Saudi Arabia’s Public Investment Fund (PIF) is evaluating prequalification entries from contractors for its Red Sea tourism megaproject, after companies had submitted documents in October, MEED reported, citing unnamed sources close to the project. Contracts to be tendered will include construction deals for hotels and major buildings, along with infrastructure works. Currently, Netherlands-based Arcadis has won the contract to provide programme management services for the Red Sea project, sources close to the scheme said. Crown Prince Mohammed bin Salman launched the Red Sea project, a 30,000 square kilometre coastline tourism plan, in Aug this year. Under the project, 50 islands between the cities of Umluj and Al Wajh will be developed, with the aim of bolstering tourism and attracting investments. No budgets for the project have been revealed yet. The first phase is expected to be launched in 3Q19 and will include the development of an airport, marina, luxurious hotels, residential units, infrastructure, and transportation services. It is expected to be completed by 4Q22.