The Red Sea Development Company (TRSDC) has revealed it has awarded more than 500 contracts to international and local firms – totalling around $2 billion – since its flagship regenerative tourism initiative, the Red Sea Project, was announced in July 2017.

At a specially arranged press conference held today, the firm said that these contracts had included awards for the design, build and operation of state-of-the-art accommodation and facilities at the Red Sea Project, adding that it expects a roll-out of new contracts by the end of 2020 to take aggregate commitments to a total approaching $4 billion.