The news that the 2021 Formula One calendar will feature a brand-new race in Saudi Arabia, which will make its debut in Jeddah has sent ripples of excitement in the Red Sea port city’s real estate and hospitality sectors, apart from obviously among sport enthusiasts.

Red Sea Gateway Terminal (RSGT) has taken delivery of two state-of-the-art remote-controlled Ship-to-Shore (STS) cranes, and 10 hybrid-Rubber-Tyred Gantry (RTG) cranes at an investment of $35 million, as part a $1.7-billion planned expansion of Jeddah Port’s premier facility to ultimately increase annual container throughput capacity to 8.

The Red Sea Development Company (TRSDC), the developer behind Saudi Arabia’s flagship international regenerative tourism initiative, has announced it has awarded to date more than 500 contracts to international and local firms. Collectively worth around SR7.