Saudi Arabia Eyes $2.7 Billion in Contracts for Red Sea Project
- Red Sea Development awarded 1 billion riyal contracts in 2019
- Firm plans to raise over 10 billion riyals in commercial debt
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The company behind a major tourism destination on Saudi Arabia’s Red Sea coast that will include an archipelago of more than 90 islands as well as desert and mountain scenery hopes to award up to 10 billion riyals ($2.7 billion) in construction contracts by the end of 2020.
“Between now and the end of the year, we hope to award another two to three billion riyals in contracts, and onto next year, it will probably be six or seven billion more as we move further into the construction of the destination,” John Pagano, chief executive of The Red Sea Development Co., told Bloomberg TV in an interview Friday in Riyadh.