Red Sea Global, the multiproject developer behind the world’s most ambitious regenerative tourism destinations, The Red Sea and Amaala, hosted its fifth successful procurement roadshow, this time in Istanbul. The event attracted numerous private entities who are enthusiastic about being part of the realization of RSG’s vision.
The Istanbul procurement roadshow followed RSG’s successful roadshows in Doha, Cairo, Seoul and Tokyo, which aimed to forge partnerships with notable contractors, consultants, and suppliers. These roadshows, hosted in collaboration with global data provider MEED, showcased the immense opportunities available for private sector companies within Saudi Arabia.
“There has never been a better time, or an easier time, to enter the Saudi market and take a slice of the $880 billion project pipeline. This year to date in excess of $45 billion has already been awarded in contracts and the country is on track to reach its highest total value of contracts awarded on record,” said Ed James, head of content at MEED and event moderator.
With a future project pipeline worth more than $1.3 trillion, Saudi Arabia is the largest market in the Middle East region, comprising more than half of the GCC’s $2.3 trillion projects market.
“I’ve been looking at projects in the Middle East for the last two decades and I’ve never seen anything like this. The fact that the renders are coming to life and people will be able to stay in hotels this year is evidence of Saudi Arabia meaning business in bringing its Vision 2030 to life,” added James.
During the roadshow, RSG outlined its commitment to sustainability, as well as the regenerative approach it is taking to developing its flagship destinations. With the company dedicated to working with forward-thinking organizations, the event aimed to facilitate collaboration with businesses keen to drive innovation in their respective fields and create solutions to some of the world’s most pressing challenges.
“Istanbul is home to a wealth of businesses with unmatched expertise, skills and capabilities. Our event not only provided a platform to showcase the abundance of opportunities for companies considering entering the Saudi market, but also demonstrated the value of partnering with RSG, shedding light on our ambitions and successes to date. We’ve already awarded more than $200 million in contracts to companies we met at our roadshow events this year,” said Ben Edwards, group head of cost, commercial and procurement at Red Sea Global.
RSG’s destinations, which are projected to contribute SR33 billion ($8.8 billion) annually to Saudi Arabia’s economy upon completion and create 120,000 jobs combined, will be 100 percent powered by renewable energy, with five solar farms already built at The Red Sea to keep the destination off grid.
Mohammed Al-Fardan, executive director of procurement at Red Sea Global, said: “At RSG, we are determined to work with like-minded companies that understand the critical need to honor the environment and the locals living in the areas that they operate in. Our roadshows served as an opportunity to not only highlight how our partners can help us create luxury experiences for our guests, but also contribute to our mission to transform the travel and hospitality sector for the betterment of the people and the planet.”
To date, RSG has awarded nearly 6,200 contracts worth more than SR47.5 billion across its two destinations.
Nasim Alahmad, executive manager of Archirodon, attended the event in Istanbul. The pioneering contracting company has been working at The Red Sea destination since 2019 and was one of the first to partner with the group. They have been awarded multiple contracts including the Shoura Bridge, completed three months ahead of schedule, and the initial access jetties. Most recently, they were awarded a contract for housing at the AMAALA staff village.
“With the current market conditions, entering the Saudi market at this time is opportune, and Red Sea Global stands out as the ideal collaborator. Their innovative ‘pre-payment’ approach was a decisive factor, and I extend my heartfelt gratitude to their team for their unwavering commitment toward fostering a long-term and mutually advantageous relationship between our two companies,” Alahmad said.