Red Sea signs SAR 78 mln deal with NEOM to build housing units, offices

Red Sea International Co. signed today, Oct. 6, a contract for the design, build and installation of accommodation units, offices and all supporting building amenities with NEOM for a total value of SAR 78 million.

The company said in a bourse statement that the duration of the contract is 4 months, effective from the date of signing.

The financial impact is represented in generating revenue and profits that are recorded over the period beginning from Q4 2020 until Q1 2021.

There are no related parties to the contract, the statement added.

According to the contract, Red Sea will be responsible for engineering, procurement and construction for the design, build and installation of accommodation units, offices and all supporting building amenities for the employees of NEOM, a Public Investment Fund (PIF)-backed gigaproject, which includes hyper-connected towns and cities, ports and enterprise zones, research centers, sports and entertainment venues, and tourist destinations.