TRSP 5th anniversary: Five years of firsts at The Red Sea Project

Special TRSP 5th anniversary: Five years of firsts at The Red Sea Project
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Updated 31 July 2022

TRSP 5th anniversary: Five years of firsts at The Red Sea Project

TRSP 5th anniversary: Five years of firsts at The Red Sea Project
  • Throughout its short journey, The Red Sea Project achieved significant milestones

RIYADH: Since it was announced to the public five years ago, The Red Sea Project was set to be a pioneer.

It was the first of its kind in the Kingdom. A tourism project designed to provide responsible tourism while developing pristine islands that were untouched for centuries.

It introduced the concept of regenerative tourism where the developers and operators should focus on not only preserving what's there, but adding to it.

Throughout its short journey, TRSP achieved significant milestones.

Not only is it achieving tangible progress and getting closer to bringing its vision to reality, but its positive impact is noticeable, in line with Vision 2030.

To mark TRSP’s fifth anniversary, Arab News has collected a series of its firsts during this period, all of which are helping to set new standards in regenerative tourism and responsible development.

HIGHLIGHTS

• Not only is the project achieving tangible progress and getting closer to bringing its vision to reality, but its positive impact is noticeable, in line with Vision 2030.

• One of its latest achievements is that TRSP announced its first joint venture investment in July with Almutlaq Real Estate Investment Co., valued at over SR1.5 billion ($400 million).

• Together, they will develop Jumeirah The Red Sea, a luxury resort situated on the Red Sea destination’s hub island, Shura, currently under construction.

One of its latest achievements is that TRSP announced its first joint venture investment in July with Almutlaq Real Estate Investment Co, valued at over SR1.5 billion ($400 million).

Together, they will develop Jumeirah The Red Sea, a luxury resort situated on the Red Sea destination’s hub island, Shura, currently under construction and expected to open in early 2024.

This achievement follows another national first: early this year, it reached a financial close on a SR14.12 billion term loan facility and revolving credit facility with four leading Saudi banks Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank. It represents the first-ever riyal-denominated green finance credit facility.

Sound finances come from good governance. Last year The Red Sea Development Co., the developer behind the project, released a guide to best practices in governance for other organizations in Saudi Arabia to implement and benefit from, offering evidence of always putting the good of the Kingdom’s business community first.

Another world’s first achievement during these five years is becoming the asset owner globally to achieve the prestigious BIM Project Kitemark for its digital project delivery and adoption of Building Information Modelling.

Similar certifications include becoming one of the first developments in the Middle East to achieve accreditation for excellent quality management systems through ISO 9001: 2015 and the first regionally to secure the first stage of LEED platinum certification for the destination’s plans and designs.

Finally, the project took on the Kingdom’s first-ever underwater excavation, exploring an 18th-century shipwreck. The wooden merchantman is the most intact and best-preserved wooden shipwreck in the Red Sea. Geological and paleontological evidence of millions of years of activity across TRSP’s area above the water is also revelatory, offering the promise of educational attractions for future visitors as well as Saudis who are keen to understand their past.

Looking back on five years of firsts, group chief administrative officer at TRSDC, Ahmad Darwish, said: “From day one, we set out to forge our path towards a different type of tourism, one that was good for the planet and the Kingdom. Milestones like this provide a moment to reflect on our achievements and, when considered together, they astound even me. However, our focus is on the future, welcoming our first guests early next year and together, continuing to lead the way as pioneers in regenerative tourism.”


Egypt B2B marketplace Mazaya raises $5m in pre-seed round

Egypt B2B marketplace Mazaya raises $5m in pre-seed round
Updated 28 September 2022

Egypt B2B marketplace Mazaya raises $5m in pre-seed round

Egypt B2B marketplace Mazaya raises $5m in pre-seed round

RIYADH: Mazaya, an Egypt-based B2B e-commerce marketplace, raised $5 million in a pre-seed round, said a statement issued on Tuesday.

The funding round was led by financial investment firm Raya Trade and Distribution, it added.

The company will use the funds to boost its operation in Egypt as well as expand into new markets and other verticals.

“The funds raised will allow us to quickly scale our operations and expand to other markets beyond Egypt, we have plans to launch our services in Nigeria before this year-end,” Amir Aboul Fotouh, Mazaya co-founder, said.

The Mazaya App provides retailers and merchants of electronic goods and home appliances the ability to procure inventory for their stores from all major brands.

“The platform conveniently supports merchants, particularly small merchants who do not receive adequate services, with the ability to scale their business through a superior level of service and a wide range of electronic devices from all international and local brands at the click of a button,” Bassem Megahed, CEO of Raya Trade and Distribution, said in a statement.

The company also plans to offer financial services and support to their retailers by offering credit facilities and flexible payment options.


Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap
Updated 28 September 2022

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

MOSCOW: Russia plans to spend 3.19 trillion roubles ($54.62 billion) from its National Wealth Fund this year to cover its budget deficit, a draft budget published on the finance ministry’s website showed on Wednesday, according to Reuters.

In 2023, Russia intends to spend 1.95 trillion roubles on budget deficit financing from the NWF, a rainy-day fund made up of oil and gas revenues, and another 643.7 billion roubles in 2024.

The ministry intends to issue 2.5 trillion roubles worth of OFZ treasury bonds as it seeks to ramp up domestic borrowing in 2023, the document showed.

In 2024, the ministry plans to borrow 3.4 trillion roubles and another 3.4 trillion roubles in 2025.


MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 
Updated 28 September 2022

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

RIYADH: Iraq has approved a project to build a $50 million industrial city in tandem with its post-war reconstruction initiative, reported Zawya.  

Located in the center of the Najaf Governorate, the new city will stretch over 9.5 sq. km, and encompass many different industries such as petrochemicals, lubricants, glass and detergents.

“This project will provide 5,000 jobs to Iraqis and its cost could exceed $50 million…we have received cabinet approval and have already selected a contractor,” said Dirgham Kiko, chairman of the Najaf Investment Commission.

It is expected to be completed within two years.

Petrofac’s contract extended in the Haliba oil field

UK-based Petrofac will continue supporting operations at the Haliba oil field in Abu Dhabi for the next two years, according to an agreement with Al-Dhafra Petroleum — a subsidiary of Abu Dhabi National Oil Co. Group.

Al-Dhafra Petroleum originally selected Petrofac for this contract in September 2019, reported MEED.  

ASHGHAL requests pre-qualification documents

Qatar’s Public Works Authority has requested prequalification documents for four construction contracts that make up the South of Wakrah and New District of Doha pumping station and outfall scheme, reported MEED.

The contract has been tendered since mid-August, and bids will be closed by Oct. 23.


Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round
Updated 28 September 2022

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

RIYADH: Egypt-based property technology startup Partment raised $1.5 million in a pre-seed funding round led by venture capital firm Nclude.

The company will use its acquired funding to deploy its platform by offering a solution for home co-ownership in Egypt.

Founded in 2022, the platform allows users to explore different listings of homes and co-own properties with 40+ nights per year to use the property.

“Partment is a new concept in Egypt, and we believe it will change how people buy and use real estate in the local and international market,” Nadim Nagui, CEO at Partment, said in a statement.


MAWANI achieves 14% increase in container volume this year

MAWANI achieves 14% increase in container volume this year
Updated 28 September 2022

MAWANI achieves 14% increase in container volume this year

MAWANI achieves 14% increase in container volume this year

RIYADH: The Saudi Ports Authority, MAWANI, has achieved an increase in the volume of handling containers during the current year by 14 percent to reach 212 million tons.

The head of the Public Transport Authority, Rumaih Al-Rumaih, said at the Saudi Maritime Conference the King Abdulaziz Port now stands 14th in the world for container volume — up from 88th.

The Kingdom’s strategic location and its view of the most important waterways for world trade contributed to the transit of 70 percent of the Kingdom’s imports and 90 percent of its exports, Al-Rumaih added. 

Meanwhile, MAWANI signed agreements to establish five logistic zones in Jeddah Islamic Port with an investment value of nearly SR2 billion ($531 million), the head of Saudi Ports Authority, Omar Al-Hariri said. 

The Kingdom has all the ingredients for success, and through the national transport strategy, we will reach a bright future, Al-Rumaih added.