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A unit of Red Sea International Company agreed to undertake a significant subcontract for mechanical, electrical, and plumbing (MEP) works along with related civil construction in a project based in Riyadh City. The deal, valued at SAR 175.9 million (excluding VAT), covers engineering, supply, installation, testing, commissioning and handover. The contract spans about 30 months and was signed with Modern Building Leaders. This builds on the subsidiary's track record as a leading MEP contractor in Saudi Arabia, contributing to future revenues and profits.
Red Sea International Company's subsidiary, The Fundamental Installation for Electric Work Co., has entered into a subcontract deal to execute comprehensive mechanical, electrical, and plumbing (MEP) works and associated civil construction on a project in Riyadh City. The agreement, signed earlier this week with Modern Building Leaders, is valued at approximately SAR 175.9 million, excluding value added tax. Advertisement
Under the terms of the subcontract, the subsidiary will be responsible for a full suite of activities including engineering, supply, installation, testing, commissioning and handing over of all MEP systems and related civil works. The contract duration is set at around thirty months.
The Fundamental Installation for Electric Work Co. is recognised as one of Saudi Arabia's major standalone MEP contractors, known for delivering integrated design, engineering and construction services on large scale projects. Its contribution to this contract is expected to begin generating revenue and profit from the first quarter of the year.
This latest subcontract builds on the company's active project portfolio in the kingdom, following earlier work including hospital construction and infrastructure contracts. Red Sea International and its related parties have been engaged in strengthening their construction and financial positions, including renewing significant credit facilities to support performance bonds and letters of credit for ongoing projects.
Source Reuters
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