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Red Sea Global, formerly The Red Sea Development Company, will oversee over a dozen projects stretching the length of the Red Sea coast of Saudi Arabia, with the potential to expand beyond the Kingdom, the developer said in a statement.
The rebranded entity has more than five additional projects already under feasibility study, entering masterplan competition phase, or under construction.
The expanded mandate also includes establishing subsidiary businesses to drive an uplift in the Kingdom's tourism sector and associated industries.
To date, the company has awarded more than 1,300 contracts worth nearly 32 billion Saudi riyals ($8.5 billion) in The Red Sea and Amaala mega projects. The two projects will contribute 33 billion Saudi riyals annually to the Kingdom's economy upon completion.
The Red Sea project is on track to open early 2023, the statement added.
(Writing by D Madhura, Editing by Anoop Menon)
