The Red Sea Development Company (TRSDC), the developer behind Saudi Arabia’s flagship The Red Sea Project, is set to award a total of nearly SAR 15 billion ($4 billion) in contracts by the end of 2020.

Saudi Arabia plans to develop resorts on 50 islands off the Red Sea coast, offering a nature reserve, coral reef diving and heritage sites.

Red Sea Development Co, backed by the kingdom’s Public Investment Fund (PIF), plans to build the first phase by 2022.