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Red Sea International Announces that its Subsidiary, The Fundamental Installation for Electric Work Co., Has Signed a SAR 352.6 Million Subcontract Agreement with Salini Saudi Arabia Co. Ltd. in a Diriyah City Project
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International Announces that its Subsidiary, The Fundamental Installation for Electric Work Co., Has Signed a SAR 352.6 Million Subcontract Agreement with Salini Saudi Arabia Co. Ltd. for the Execution of MEP Works in a Diriyah City Project |
| Date of Announcement of the Award | 2026-06-22 Corresponding to 1448-01-07 |
| Contract Subject Matter | Subcontract Agreement for the execution of mechanical, electrical, and plumbing (MEP) works including engineering, supply, installation, testing, commissioning, and handing-over. |
| The Entity with Which the Contract was Signed | Salini Saudi Arabia Co. Ltd. |
| Date of Signing the Contract | 2026-06-22 Corresponding to 1448-01-07 |
| Contract Value | (SAR 352,602,457.30) Three Hundred Fifty-Two Million Six Hundred and Two Thousand Four Hundred Fifty-Seven Saudi Riyals and Thirty Halalas (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 |
| Contract Duration | Four Hundred Fifty-Four (454) calendar days |
| Financial Impact and the Relevant Period | Starting from Q2 2026 |
| Related Parties | N\A |
| 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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