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Red Sea International Co. Announces Contract Sign Off with Webuild S.p.A.
| Element List | Explanation |
|---|---|
| Introduction | The Red Sea International Company announces the signing of a contract with Webuild S.p.A. to build a staff camp serving the Trojena Dam project at NEOM. |
| Date of Announcement of the Award | 2024-08-18 Corresponding to 1446-02-14 |
| Contract Subject Matter | Design, manufacture, supply and installation of prefabricated buildings, including accommodation units, supporting buildings and civil works |
| The Entity with Which the Contract was Signed | Webuild S.p.A. |
| Date of Signing the Contract | 2024-08-18 Corresponding to 1446-02-14 |
| Contract Value | Saudi Riyals 658 million (excluding VAT) |
| Contract Details | The Red Sea International Company has signed a contract with Webuild to 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. The contract includes civil works to serve the staff camp for the Trojena Dam project at NEOM. As per the contractual agreement, the project will be executed in two phases, where the first phase will begin immediately, and the second phase will be executed based on the client’s approval and in accordance with the contractual terms stipulated in this regard. Any material developments related to the project will be announced in due course. |
| Contract Duration | 12 months from the date of signing the contract |
| Financial Impact and the Relevant Period | The financial impact is expected starting in the Third quarter of 2024 until the end of 2025. |
| Related Parties | There are no related parties involved |
| Additional Information | It is worth noting that Red Sea International (RSI) is a leading Saudi company in the field of providing model solutions and building high-quality administrative and residential complexes and field hospitals in very short periods of time and creating the necessary infrastructure for various sectors, in addition to operating these complexes and providing all living requirements for guests. This includes electrical power, clean water, food supply, and wastewater treatment. The company uses high-quality local products and manufactures modular units in local, regional, and global manufacturing facilities to meet the housing, catering, and food service requirements of various strategic projects, especially those initiatives that form part of the Kingdom’s Vision 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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