The project portfolio scheduling problem has become very popular in recent years since many modern organizations operate in multi-project and multi-objective environment. Current project oriented organizations have to design a plan in order to execute a set of projects sharing common resources such as personnel teams. This problem can be seen as an extension of the job shop scheduling problem; the multi-purpose job shop scheduling problem. In this paper, the authors propose a hybrid approach to deal with a bi-objective optimisation problem; Makespan and Total Weighted Tardiness. The approach consists of three phases; in the first phase they utilise a Genetic Algorithm (GA) to generate a set of initial solutions, which are used as inputs to recurrent neural networks (RNNs) in the second phase. In the third phase the authors apply adaptive learning rate and a Tabu Search like algorithm with the view to improve the solutions returned by the RNNs. The proposed hybrid approach is evaluated on some well-known benchmarks and the experimental results are very promising.