RTCC

Building the blocks of Saudi Arabia’s new future

Rashid Saad Al-Rashid, Chairman, Al-Rashid Trading and Contracting Company, highlights the company’s role in bringing about Saudi Arabia’s massive industrial and cultural shift under the Vision 2030 initiative and the leading contractor’s niche competitive qualities.

As Saudi Arabia burns hot with a plethora of ongoing infrastructure projects under its Vision 2030 initiative, the nation’s top contractors are competing to get a slice of what is considered the largest economic transformation program in the country’s history. Al-Rashid Trading and Contracting Company (RTCC) is a family-run company that has roots going back to 1957 in the construction and building materials trading sectors. The contractor now works on various infrastructure developments throughout the country, including on real estate and buildings, water utilities, transport routes and oil and gas projects. It is now considered among the top twenty contractors in Saudi Arabia in 2023 according to Construction Week Middle East. The company’s clients include heavyweights such as Saudi Aramco, Saudi Arabia Railways, Saline Water Conversion Corporation and various ministries in the public sector. “Right from its inception, RTCC was driven by a vision to contribute significantly to the development of Saudi Arabia,” said Rashid Saad Al-Rashid, Chairman of the Board of RTCC. “Vision 2030 has catalyzed a transformational shift in our cultural and economic landscape; it has embraced innovation, technology and a global perspective.”

In June 2023, RTCC won a $330-million contract for landscaping work on the giant King Salman Park project in Saudi Arabia’s capital city — what is expected to become the world’s largest urban park. The 12-square-kilometer green space will feature a 7-kilometer pedestrian path and more than 150 attractions, including the Royal Arts Complex and Visitor’s Pavilion. The Chairman highlights the company’s cautious nature when taking on these kinds of mega projects in Saudi Arabia: “We prioritize projects that align with our capabilities and values to ensure we maintain our standards of quality and reliability. Sustainability is an integral part of our operations and future planning.” Previously the company has worked on Saudi Arabia’s other flagship projects such as handling infrastructure, civil, landscaping and associated works for the Diriyah Gate giga project in Riyadh and design and construction work on the giant Shuqaiq 1 desalination facility on the Red Sea coast.

One of RTCC’s competitive advantages is its willingness to work hand in hand with international companies. “These collaborations — spanning from natural gas projects to water and electrical substations — are not just about executing large-scale projects, they are avenues for technological and knowledge transfer,” said Al-Rashid. “Working with international companies on new initiatives demonstrates our commitment to enhancing local capabilities.” The company aims to increase participation of Saudi locals in its large infrastructure projects to 70% in the next six years. “These partnerships are crucial for empowering the younger generation that forms a significant part of our local demographic,” he continued. Additionally, the company strikes a hard line in supporting and incentivizing the development of its internal workforce. “Our philosophy is simple: find dedicated individuals, invest in their growth and let them grow with the company. This approach has fostered loyalty and dedication,” said Al-Rashid. “Stability, trust and a sense of belonging are all key to employee retention.” The giant contractor now supports a workforce of more than 12,000 employees.

In 2023, Saudi Arabia took the lead position in the Middle East and North Africa construction market ahead of the UAE and Egypt, accounting for 67% of total project value according to global property consultant JLL. Al-Rashid predicts the level of activity to continue in the local market for quite some time. “The construction sector is undergoing a significant and positive transformation that is expected to continue for the next seven to 10 years,” he said. “Vision 2030 is not just a destination, but an ambitious and ongoing journey.”