Saudi Arabia's flagship tourism developer, The Red Sea Development Company (TRSDC), has awarded over 1,250 contracts worth more than SAR30 billion ($8 billion) for its mega projects, CEO John Pagano said.

Over 70% of the contracts have been awarded to local businesses, Pagano wrote in the Ministry of Investment of Saudi Arabia’s (MISA) "Investment Highlights Q2 2022" report.

The company is handling the development of Amaala and Red Sea projects, which form part of the Saudi Vision 2030 programme.

Pagano stated that TRSDC is seeing strong private sector confidence and a willingness to invest in its projects.

 “We are also in parallel discussions with other investors for opportunities to invest in The Red Sea project’s commercial assets, such as hotels and resorts, leisure, retail and dining experiences,” he added.

In May, Pagano told Zawya that the two flagship giga projects have nearly SAR10 billion ($2.7 billion) worth of contracts in the bidding stage.

(Editing by Cleofe Maceda;