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Saudi Airlines Catering Co. announces its contract with Read Sea Global Company
| Element List | Explanation |
|---|---|
| Introduction | Saudi Airlines Catering Company (SACC) announces entering into a contract with The Red Sea Global (RSG), to design, build, operate and transfer a central production unit for catering and facilities management for the purpose of servicing Red Sea Global’ employees at hotel establishments and resorts, in addition to other facilities and sectors located within the Red Sea destination. The contract term shall be 20 years with a provisional value estimated at approximately Six billion and three hundred million Saudi Riyals (SAR 6,300,000,000). SACC expects a positive contribution to be shown in its accounts by the Third quarter of 2025, which will boost the business sustainability by increasing the company's cash flow and enhancing the company's business. This contract is part of the strategic plan implemented by the company to attract investment opportunities in new industrial and tourist cities, noting that this contract will be subject to The Red Sea Global Board of Directors’ final sign off. |
| Date of Announcement of the Award | 2023-07-03 Corresponding to 1444-12-15 |
| Contract Subject Matter | For the purpose of design, build, operate and transfer a central production unit for catering and facilities management for the purpose of servicing Red Sea Global’ employees at hotel establishments and resorts, in addition to other facilities and sectors located within the Red Sea destination. |
| Date of Signing the Contract | 2023-07-03 Corresponding to 1444-12-15 |
| Contract Value | The contract provisional value estimated at approximately Six billion and three hundred million Saudi Riyals (SAR 6,300,000,000). |
| Contract Details | - For the purpose of design, build, operate and transfer a central production unit for catering and facilities management for the purpose of servicing Red Sea Global’ employees at hotel establishments and resorts, in addition to other facilities and sectors located within the Red Sea destination. - The contract provisional value estimated at approximately Six billion and three hundred million Saudi Riyals (SAR 6,300,000,000). - The contract term shall be 20 years |
| Contract Duration | The contract term shall be 20 years |
| Financial Impact and the Relevant Period | SACC expects a positive contribution to be shown in its accounts by the Third quarter of 2025 |
| Related Parties | NA |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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