The Red Sea International Company has announced the signing of a $7.8 million (SAR29.1 million) contract with The Fundamental Installation for Electric Work (First Fix) Company. The contract assigns work for the design, manufacture, supply, and installation of prefabricated modular buildings as part of an upscaled and leading housing compound project that will be executed in Sharma, NEOM, which will support the developmental projects of NEOM.
The financial impact of the four-month contract will be represented in revenues and profits to be realised starting from Q3 2023, the company said in its filing to Saudi bourse Tadawul.
The Contractor
Red Sea International Company (RSI) is a leading Saudi company in the field of providing modular solutions and construction of high quality administrative and residential complexes and field hospitals in very short periods and establishing the necessary infrastructure for various sectors, in addition to operating these complexes and providing all living requirements for guests during occupancy including electric energy, pure water, food supply and wastewater treatment. The company uses high quality local products and manufactures modular units in its local, regional and international manufacturing facilities to meet the housing requirements, catering and food services for various strategic projects, especially those initiatives emanating from the ambitious vision of the Kingdom of Saudi Arabia 2030.