Riyadh – Mubasher: Red Sea International Company inked a contract with NEOM for SAR 78 million, within one of the leading development projects in Saudi Arabia.

Under the four-month deal, Red Sea Company will design, build, and implement accommodation units, offices, and all supporting building amenities for NEOM employees, according to a bourse filing on Tuesday.

NEOM is developing a project that will include hyperconnected towns and cities, ports and enterprise zones, research centres, sports and entertainment venues, and tourist destinations.

The material impact of the transaction is represented in generating revenue and profits that will be recorded over the period beginning from the fourth quarter of 2020 until the first quarter of 2021.