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Saudi Red Sea Development Company Targets $4Bn in Contracts

The Red Sea Development Company announced targeting contracts worth about SAR15 billion riyals by the end of 2020. (SPA)
The Red Sea Development Company announced targeting contracts worth about SAR15 billion riyals by the end of 2020. (SPA)
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Saudi Red Sea Development Company Targets $4Bn in Contracts

The Red Sea Development Company announced targeting contracts worth about SAR15 billion riyals by the end of 2020. (SPA)
The Red Sea Development Company announced targeting contracts worth about SAR15 billion riyals by the end of 2020. (SPA)

The Red Sea Development Company (TRSDC), the developer behind Saudi Arabia’s flagship international regenerative tourism initiative “The Red Sea Project”, announced on Sunday targeting contracts worth about SAR15 billion riyals ($4 billion) by the end of 2020.

It also revealed awarding to date more than 500 contracts to international and local firms, collectively worth around SAR7.5 billion ($2 billion). These include awards for the design, construction and operation of state-of-the-art accommodation and facilities at the destination.

The announcements were made during a press interview by the company to review the most significant developments in the project.

The luxury tourism destination along the Red Sea coast outlines impressive and tangible progress made at the 28,000 km² site that includes a vast archipelago of more than 90 islands.

The Project has already passed significant milestones and work is on track to welcome the first guests by the end of 2022, when the international airport and the first four hotels will open. The remaining 12 hotels scheduled for completion in phase one will open in 2023, delivering a total of 3,000 rooms across five islands and two inland resorts.

“This significant landmark underscores the scale of our project and the remarkable progress made to create the destination of the future, said John Pagano, CEO of TRSDC.

“TRSDC is a contributing factor to the growth of the Saudi Arabian economy and is playing a pivotal role in its Vision 2030 plan,” he added.

Meanwhile, the company plans to close on a SAR14 billion ($3.7 billion) loan from five domestic banks by the end of the year as it steps up construction on a luxury tourism project.

So far the company has awarded SAR7 billion of contracts and plans to award a total of SAR15 billion by the end of the year, Bloomberg quoted Pagano as saying.

Since the company’s establishment in 2017, over 70 percent of the total value of contracts has been awarded to Saudi firms, highlighting TRSDC’s commitment to bolstering the local economy Overall, more than 500 contracts have been awarded to companies from 24 countries.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.