A consortium led by Saudi Arabia’s Acwa Power has won a public-private partnership (PPP) agreement to design, build, operate and transfer the utilities infrastructure at the kingdom’s ‘Red Sea Project’. The Red Sea Project is one of the major ‘gigaprojects’ central to Crown Prince Muhammad bin Salman’s Vision 2030 strategy and is intended to transform the kingdom’s nascent tourism sector.

The Red Sea project is around 300km down the coast from the planned $500bn Neom city. Saudi Arabia says “The Red Sea Project will be developed with seed capital from the Public Investment Fund (PIF), and partnerships with top-tier international companies will also be formed to ensure new direct investment into the Kingdom.” Like Neom, it will be 100% powered by renewable energy. (CONTINUED - 324 WORDS)