According to its website, TRSDC's board is chaired by HRH Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince of Saudi Arabia, First Deputy Prime Minister, President of the Council for Economic and Development Affairs, Minister of Defense, and chairman of Public Investment Fund (PIF).
The company is a wholly owned entity of PIF, and is overseeing the development of the multi-phase The Red Sea Project.
The significance of construction in Saudi Arabia is underscored by its suite of gigaprojects; transport and mobility schemes such as Riyadh Metro; social infrastructure developments such as the Ministry of Housing’s Sakani programme; and energy megaprojects such as the state-owned Aramco’s Berri and Marjan oil fields.
Qiddiya Construction will begin on the 334km2 Qiddiya entertainment city in Saudi Arabia – the country’s first project of its kind – in 2019, senior officials confirmed in January.
The PIF-backed scheme’s planning and design work was completed in 2018, according to chief executive officer of its development company, Mike Reininger.
Located on Saudi Arabia’s northwestern coast, Amaala will “sit alongside Neom and The Red Sea Project as part of the gigaprojects investment portfolio” that PIF is rolling out to meet the goals of Vision 2030.
At the time of the project’s launch, PIF said that Amaala’s groundbreaking would be held in Q1 2019, with Phase 1 to open in Q4 2020.
Makkah Grand Mosque – Third Expansion A major expansion programme is underway at Makkah Grand Mosque, where work was recently inspected by Crown Prince Mohammed bin Salman.
Third Expansion’s scope includes raising total capacity to 2.2 million worshippers, and covers the main building of Makkah Grand Mosque; the Mataf and Masaa; the first ring road surrounding Makkah Grand Mosque; and infrastructures such as power stations and water reservoirs.
PIF – which is led by Crown Prince Mohammed bin Salman Al-Saud – will provide initial funding for the project, and spearhead its development within the Prince Mohammed bin Salman Natural Reserve.
In September 2018, PIF said that it would offer “attractive partnership and investment packages” for investors to participate in Amaala, described as “a natural extension” of the Mediterranean Sea.
Neom Bay will be the first urban area to be developed within the gigaproject’s boundaries, as reported by Saudi Press Agency, which added that the board had also given “instructions to complete preparations and start construction work in the first quarter of 2019”.
This was followed by the formation of a private joint-stock company called Neom to lead the gigaproject’s development.
Nicholas Naples was named chief executive officer of Amaala by PIF.