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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

The Red Sea Project in Saudi Arabia.
TRSDC
The Red Sea Project in Saudi Arabia.

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.”

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Construction Week - Issue 753
Nov 09, 2019