Saudi-based Red Sea International Company has announced that one of its key subsidiaries has secured a major contract from Modern Building Leaders Company (MBL) for its key Jeddah Central Development Project.
As per the SAR113 million ($30.3 million) deal, the RSI unit - Fundamental Installation for Electric Work Company - will be providing engineering, procurement and construction services for site preparation and infrastructure works for the Jeddah Central Development Project.
The entire contract work will be completed with a period of 379 days, said RSI in its filing to Saudi bourse Tadawul.
On the financial impact, RSI said the revenues and profits will be realised starting from Q2 2024.
The Fundamental Installation for Electric Work is a market leader in Saudi Arabia and one of the top standalone mechanical, electrical, and plumbing (MEP) contractors delivering top class projects.-TradeArabia News Service