Red Sea International Seals $54M Facilities Deal for Trojena Amid Project Timeline Concerns

Saudi Arabia’s ambitious Trojena mountain resort project reached another procurement milestone as Red Sea International—a Tadawul-listed modular building and services provider—locked in a SAR203 million ($54 million) agreement with Italy-based construction firm Webuild. The two-year arrangement encompasses integrated facilities management, operational support, and maintenance services for personnel camps tied to the Webuild Trojena Dam initiative, with execution slated to commence during Q1 2026.

Project Scale and Infrastructure Vision

Envisioned by Crown Prince Mohammed bin Salman since its 2022 launch, Trojena represents an exceptionally ambitious alpine resort development sprawling across 1,400+ square kilometres within the larger Neom initiative. The resort will operate at elevations ranging from 1,500 to 2,600 metres and will feature 30 kilometres of ski infrastructure alongside an extensive artificial snow production system. To support this desert-based winter sports facility, engineers plan to transport water across 200+ kilometres from the Gulf of Aqaba region—a logistical undertaking that underscores the project’s complexity.

Competitive Pressures and Delivery Risks

The Trojena project faces mounting pressure to deliver ahead of the 2029 Asian Winter Games, an event Saudi Arabia committed to hosting. However, construction setbacks and broader scepticism about staging winter sports competitions in an arid region have generated speculation about alternative venues. In August, media outlets reported that the Olympic Council of Asia had engaged South Korean officials regarding the possibility of relocating the event, signalling unease about whether Trojena’s infrastructure will be ready on schedule.

Funding Reorientation and Strategic Priorities

The kingdom’s Public Investment Fund (PIF)—responsible for bankrolling the $500 billion Neom venture—is recalibrating its investment thesis. According to announcements by PIF governor Yasir Al-Rumayyan, the fund’s 2026-2030 strategic roadmap, expected to be unveiled shortly, will organise initiatives around six interconnected “ecosystems,” with Neom positioned as a standalone priority domain. Simultaneously, Saudi Arabia’s investment minister has advocated for PIF to moderate domestic capital deployment and create openings for private sector participation.

Webuild’s Expanding Saudi Portfolio

Webuild, among Italy’s leading construction enterprises with operations dating back to the 1960s, has emerged as a central execution partner across multiple Neom workstreams. Beyond the three-dam system feeding Trojena’s artificial lake, Webuild is constructing The Bow—an architectural landmark blending luxury hospitality with residential components—and directing work on the Connector high-speed rail corridor, a 57-kilometre segment bridging Oxagon and The Line. The firm also maintains active roles in Riyadh Metro expansion and Diriyah redevelopment efforts.