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Red Sea International Co. Announces Contract Sign Off with Mubarak Marei Al Salumi and Partners Contracting Company
| Element List | Explanation |
|---|---|
| Introduction | The Red Sea International Company announces the signing of a contract with Mubarak Marei Al Salomi & Partners Contracting Company to construct administrative buildings for the Amiral Project in Jubail |
| Date of Announcement of the Award | 2023-11-06 Corresponding to 1445-04-22 |
| Contract Subject Matter | Manufacturing, supplying and installing prefabricated buildings with high specifications, including office units and support buildings for the Amiral Eighth Package project in Jubail. |
| Date of Signing the Contract | 2023-11-06 Corresponding to 1445-04-22 |
| Contract Value | SAR43,934,670.00 (Excl. VAT) |
| Contract Details | The Red Sea International Company has concluded a contract with Mubarak Maree Al-Saloumi & Partners Contracting Company to manufacture, supply and install prefabricated buildings with high specifications that include office units and a number of support buildings such as a visitor building, a security building, a dining hall, a prayer hall, and a multi-use building, as part of the “Amiral” complex construction project, which begins in The start of a future world-class petrochemical development at the SATORP refinery in the Kingdom. |
| Contract Duration | Five months from the date of approval of the final drawings |
| Financial Impact and the Relevant Period | The financial impact is to achieve revenues and profits starting from Q4 of 2023. |
| Related Parties | There are no related parties within the contract |
| Additional Information | It is worth noting that 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 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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