Red Sea International Signs Contract with Red Sea Development for SR60,549

Red Sea International Company (RSI) announced on Tuesday that it has signed a contract with the Red Sea Development Company to design, manufacture, supply and install modular buildings to support its construction activities on Sheybarah/Ummahat Al Shaikh islands.

The company added that the date of announcement of the award is 18.01.2022.The contract subject matter is represented in designing, manufacturing, supplying, and installing high-quality modular buildings to support the construction activities of Red Sea Development Company in the Western Region.

It also added that the date of signing the contract        is 18.02.2022 with contract value of SR 60,549,150.

The company said on a statement on Tadawul on Tuesday that the contract details is about Red Sea International Company that signed a contract with the Red Sea Development Company, one of the most successful leisure and hospitality companies in the Middle East, to design, manufacture, supply, and install three complexes in the Western region, to support the construction activities of luxury hotels on three islands in the Red Sea (Sheybarah/Ummahat Al Shaikh islands).

These facilities consist of various types of modular units which can be used as accommodations or offices. These units will be fully furnished to provide all the requirements for the crew working on the construction of these ambitious projects.

The contract duration is 194 days and the revenues and profits will be realized starting from Q1 2022 and there are no related parties in the Contract.

The Red Sea International Company (RSI) is a leading Saudi company in the field of providing modular solutions and construction of high quality administrative and residential complexes and field hospitals in very short periods and establishing the necessary infrastructure for various sectors, in addition to operating these complexes and providing all living requirements for guests during occupancy including electric energy, pure water, food supply and wastewater treatment.

The company uses high quality local products and manufactures modular units in its local, regional and international manufacturing facilities to meet the housing requirements, catering and food services for various strategic projects, especially those initiatives emanating from the ambitious vision of the Kingdom of Saudi Arabia 2030; the company concluded.