RIYADH: Red Sea Development Co, known as TRSDC, announced at the 6th Future Investment Initiative in Riyadh on October 25 that it has changed its name to Red Sea Global.
RSG currently oversees the creation of her two luxury destinations in Saudi Arabia, the Red Sea, and her AMAALA. The development will support the country’s ambition to become a global tourism hub, in line with the Kingdom’s Vision 2030 goals. RSG’s mandate has also been expanded to oversee more than a dozen projects across Saudi Arabia’s Red Sea coast, with the potential to expand beyond the Kingdom in the future.
“With The Red Sea and AMAALA, we have demonstrated our ability to deliver responsible, large-scale development that positively shapes the future of both the people we welcome and employ and the places we operate. rice field,” said RSG‘s group CEO.
He added, “Driven by great people from across the Kingdom and beyond, we have the skills, knowledge, and experience needed to succeed on the world stage”.
RSG is expanding its portfolio of projects spread along Saudi Arabia’s Red Sea coast, with more than five other projects already undergoing feasibility studies and some entering the master planning competition phase. , and other projects have already started construction.
The press release also noted that the Red Sea and Her AMAALA project, once completed, is expected to contribute 33 billion riyals ($8.78 billion) annually to the economy of the kingdom. According to a press release, the company has won over 1,300 contracts worth around SR32 billion through its Red Sea and AMAALA projects, with around 70% of the total awarded to Saudi companies.