Riyadh – Mubasher: Red Sea International Company inked a contract with Webuild S.p.A. to build a staff camp serving the Trojena Dam project at NEOM, according to a bourse disclosure.

The two entities penned the agreement at a value of SAR 658 million for 12 months from the signing date of 18 August 2024.

Red Sea International will design, manufacture, supply and install prefabricated buildings, including residential units and supporting buildings, such as a mosque, dining halls, a medical clinic, and a gym.

Under the contractual agreement, the project will be executed in two phases, of which the first phase will begin immediately. Meanwhile, the second phase will be implemented based on the client’s approval and per the contractual terms stipulated.

The Tadawul-listed firm highlighted that the financial impact will start reflecting during the third quarter (Q3) of 2024 until the end of 2025.

Last April, Red Sea International submitted an application file to the Capital Market Authority (CMA) to raise its capital by debt conversion.