Riyadh – Mubasher: Red Sea International Company has penned a contract with NEOM to provide facility management, operations, and maintenance services for the residential and business complex it will build as per the contract announced on 6 October 2020.

Last week, Red Sea International inked a SAR 78 million contract with NEOM to design, build, and implement accommodation units, offices, and all supporting building amenities for NEOM employees, within one of the leading development projects in Saudi Arabia.

The newly-signed deal is valued at SAR 53 million and carries a maturity period of three years, extendable for additional costs, according to a bourse filing on Tuesday.

The transaction’s impact is represented in realising revenues and profits over the period from the first quarter of 2021 to the fourth quarter of 2023.