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Red Sea International Co. Announces Signing of a Subcontract Agreement by its subsidiary The Fundamental Installation for Electric Work Co. for the execution of mechanical, electrical, and plumbing (MEP) and related civil works with Modern Building Leaders (MBL) in one of its projects in Riyadh City Valued (SAR 175,933,849)
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International announces that its subsidiary has signed a Subcontract Agreement with Modern Building Leaders (MBL) for the execution of mechanical, electrical, and plumbing (MEP) works and the related civil works in one of its projects in Riyadh City. |
| Date of Announcement of the Award | 2026-02-16 Corresponding to 1447-08-28 |
| Contract Subject Matter | Subcontract Agreement for the execution of mechanical, electrical, and plumbing (MEP) works and the related civil works including engineering, supply, installation, testing, commissioning, and handing-over. |
| The Entity with Which the Contract was Signed | Modern Building Leaders |
| Date of Signing the Contract | 2026-02-16 Corresponding to 1447-08-28 |
| Contract Value | (SAR 175,933,849) One Hundred Seventy-Five Million Nine Hundred Thirty-Three Thousand Eight Hundred Forty-Nine Saudi Riyals excluding the Value Added Tax (VAT) |
| Contract Details | The scope of works assigned to The Fundamental Installation for Electric Work Co. includes engineering, supply, installation, testing, commissioning, and handover of all mechanical, electrical, and plumbing (MEP) works and related civil works |
| Contract Duration | Thirty (30) months |
| Financial Impact and the Relevant Period | Revenues and profits will be realized starting from Q1 2026 |
| Related Parties | Red Sea International Company & MSB Holding Company |
| Additional Information | The Fundamental Installation for Electric Work Co. is a local market leader and one of the top standalone MEP contractors delivering world class projects via end to end solutions that provide integrated design, engineering and construction services in the field of mechanical, electrical, and plumbing (MEP) works. |
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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