SABIC affiliate Hadeed and The Red Sea Development Company (TRSDC) have signed a Memorandum of Understanding (MoU) to initiate discussions on the possibility of steel supplies and solutions for the Red Sea project and to set a framework for knowledge exchange.
The MoU, signed at SABIC headquarters in Riyadh on November 14, reflects SABIC’s continued commitment to contribute to the successful achievement of Saudi Vision 2030 and stimulate the national economy.
Yousef Al-Benyan, SABIC Vice Chairman and CEO, who attended the signing ceremony, commented: “We are truly happy to be associated with the Red Sea Development Company and its ambitious tourism project. We have been part of Saudi Arabia’s industrialization and economic development for decades, and Hadeed has contributed considerably to the country’s construction evolution. With the latest MoU, we have demonstrated our continued commitment to the Kingdom’s rapid transformation and our constant efforts to promote its diverse economic development as envisioned in Vision 2030.”
John Pagano, CEO of TRSDC said: “We are pleased to sign this MoU with SABIC, an established Saudi institution, and we look forward to exploring opportunities for collaboration. TRSDC actively seeks to work with industry-leaders who are able and willing to support us in the delivery of our commitments to people and place.”
The MoU sets the foundation for a mutually beneficial relationship related to sustainable and advanced steel products and solutions, and to drive the implementation of best practices in the building and construction sector.
The Red Sea Project is described as “a unique, luxury tourism destination that will embrace nature, culture and adventure, setting new standards in sustainable development and positioning Saudi Arabia on the global tourism map.”