Saudi Arabia plans $2.7bn Red Sea gigaproject contracts by end-2020
TRSDC chief executive officer, John Pagano, said the company planned to raise $2.7bn in commercial debt, Bloomberg reports
Saudi Arabia’s The Red Sea Development Co (TRSDC) has reportedly announced plans to award construction contracts worth up to $2.7bn (SAR10bn) by the end of 2020 for its The Red Sea Project, a Vision 2030-led tourism gigaproject backed by Saudi Arabia's Public Investment Fund.
Bloomberg reported TRSDC chief executive officer, John Pagano, as saying that the company had awarded more than $266.5m (SAR1bn) in contracts this year for enabling works at The Red Sea Project.
“Between now and the end of the year, we hope to award another $533-799.6m [SAR2-3bn] in contracts, and onto next year, it will probably be $1.6-1.8bn [SAR6-7bn] more as we move further into the construction of the destination,” he reportedly continued.
Pagano added that the company planned to raise $2.7bn in commercial debt to fund the project: “We’re currently in the market, principally with the domestic banks who have the appetite and interest to support this project.”