RIYADH: Red Sea Global has organized a series of local and regional meetings highlighting projects being developed along the Kingdom’s Red Sea coast, as well as partnership opportunities with the company, Saudi Press Agency reported on Thursday.
The first regional meeting, held in Doha, reviewed details of the Saudi sustainable tourism development company’s projects and shed light on investment opportunities available to regional partners. It attracted over 100 businesses.
Red Sea Global announced that contracts worth SR27 billion ($7.2 billion) and SR13 billion were awarded for its projects The Red Sea and Amaala this year. Other contracts worth about SR25 billion are also being sought by the company.
In 2023, 70 percent of existing contracts were awarded to Saudi companies.
Mohammed Alfardan, executive director of procurement at Red Sea Global, said that expanding partnerships at the local and international levels is a critical step in developing new relationships with Saudi Arabia’s private sector.
Ben Edwards, group head of cost, commercial and procurement, highlighted opportunities in construction work for Red Sea Global destinations, including building infrastructure, marine and civil engineering, plumbing and furnishing.
Edwards said that the company is also looking for partners with global experience in tourism, such as food and beverages and other hospitality services.
The Red Sea project is set to open its first three resorts this year, and its Red Sea International Airport is nearing the first phase of completion.