Red Sea Global’s procurement show in Istanbul garners interest from private entities

 

Red Sea Global’s procurement show in Istanbul garners interest from private entities

Red Sea Global, the visionary developer behind the world's most ambitious regenerative tourism destinations, The Red Sea and Amaala, recently organized a successful procurement showcase in Istanbul. The event garnered significant interest from private entities eager to participate in realizing RSG's visionary projects.

The Istanbul procurement showcase follows RSG's successful roadshows in Doha, Cairo, Seoul, and Tokyo, which aimed to establish partnerships with renowned contractors, consultants, and suppliers. These roadshows, conducted in collaboration with global data provider MEED, showcased extensive opportunities for private sector companies within Saudi Arabia.

 

Red Sea Global's visionary approach to sustainable tourism and hospitality

 

Ed James, Head of Content at MEED and event moderator, commented, "There has never been a better time, or an easier time, to enter the Saudi market and be part of the $880 billion project pipeline. To date, over $45 billion has been awarded in contracts this year, and the country is on track to achieve a record high in total contract values."

With a future project pipeline exceeding $1.3 trillion, Saudi Arabia represents the largest market in the Middle East region, accounting for over half of the GCC's $2.3 trillion projects market.

James added, "I've been following projects in the Middle East for the past two decades, and I've never seen anything quite like this. The fact that projects are materializing, with hotels opening this year, is a testament to Saudi Arabia's commitment to realizing its Vision 2030."

 

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During the showcase, RSG emphasized its commitment to sustainability and its regenerative approach to developing its flagship destinations. By collaborating with forward-thinking organizations, the event aimed to foster innovation and find solutions to pressing global challenges.

Ben Edwards, Group Head of Cost, Commercial, and Procurement at Red Sea Global, noted, "Istanbul is home to numerous businesses with unparalleled expertise and capabilities. Our event not only showcased the multitude of opportunities for companies considering entering the Saudi market but also highlighted the value of partnering with RSG. We've already awarded more than $200 million in contracts to companies we met at our roadshow events this year."

RSG's destinations, projected to contribute SR33 billion ($8.8 billion) annually to Saudi Arabia's economy upon completion and generate 120,000 jobs, will be entirely powered by renewable energy, with five solar farms already operational at The Red Sea to ensure energy self-sufficiency.

 

Red Sea Global installs over 750,000 photovoltaic panels at The Red Sea destination

 

Mohammed Al-Fardan, Executive Director of Procurement at Red Sea Global, stated, "At RSG, we are committed to collaborating with like-minded companies that prioritize environmental and community considerations. Our roadshows served as an opportunity to showcase how partners can contribute to our mission of transforming the travel and hospitality sector for the benefit of people and the planet."

To date, RSG has awarded nearly 6,200 contracts worth over SR47.5 billion across its two destinations.

Nasim Alahmad, Executive Manager of Archirodon, attended the Istanbul event. The pioneering contracting company has been involved in The Red Sea destination since 2019 and was one of RSG's initial partners. They have received multiple contracts, including the Shoura Bridge, completed three months ahead of schedule, and the initial access jetties. Most recently, they secured a contract for housing at the AMAALA staff village.

Alahmad stated, "Entering the Saudi market at this time, given the current market conditions, 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 to fostering a long-term, mutually beneficial relationship between our two companies."

Source: Arab News