| Element List |
Explanation |
| Introduction |
Red Sea International Company announces that its subsidiary, The Fundamental Installation for Electric Work Co. Ltd. has recently signed a contract, for engineering, procurement and construction for site preparation and infrastructure works at Jeddah Central Development Project with Modern Building Leaders Co. |
| Date of Announcement of the Award |
2024-05-07 Corresponding to 1445-10-28 |
| Contract Subject Matter |
Engineering, procurement and construction of MEP works related to site preparation and infrastructure works for Jeddah Central Development Project |
| The Entity with Which the Contract was Signed |
Modern Building Leaders Co |
| Date of Signing the Contract |
2024-05-07 Corresponding to 1445-10-28 |
| Contract Value |
SAR 113, 000, 000 (excl VAT) |
| Contract Details |
The Fundamental Installation for Electric Work Co. Ltd. a subsidiary of the Red Sea International Co., has signed a contract for a period of 379 days, with Modern Building Leaders Co. (MBL), one of the largest contracting companies in the Kingdom, for engineering, procurement and construction of MEP works related to site preparation and infrastructure works at Jeddah Central Development Project. |
| Contract Duration |
Three Hundred Seventy-Nine days |
| Financial Impact and the Relevant Period |
Revenues and profits will be realized starting from Q2 2024 |
| Related Parties |
Red Sea International Company & MSB Holding Company |
| Additional Information |
The Fundamental Installation for Electric Work Co. Ltd. is a local market leader and one of the top standalone MEP contractors delivering world class projects via end-to-end solutions that provide integrated design, engineering and construction services in the field of mechanical, electrical, and plumbing (MEP) works. |
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