Red Sea International signs SAR 53.42 mln contract with Samsung C&T to build accommodation complexes in Abu Dhabi

Logo of Red Sea International

Red Sea International Co. (RSI) inked a SAR 53.42 million ($14.25 million) contract with Samsung C&T Corp. to build accommodation complexes in Abu Dhabi, according to a bourse filing.

This came within Abu Dhabi National Oil Co.’s (ADNOC) decarbonization roadmap aimed at reducing carbon emissions from ADNOC’s downstream and industry operations.

Under the eight-month contract, RSI will design, supply and build three residential complexes from ready-made units for Samsung C&T, the statement added.

The relevant financial impact will appear on the financials of Q2 2022, and the deal includes no related parties.

According to the bourse statement, the complexes will be at two onshore locations – Al-Mirfa and Shuweihat – and at an offshore location on Das Island in Abu Dhabi.

The accommodation complexes – with an expected capacity of 800 people – will have ready-made support facilities including catering areas, emergency aid buildings, gymnasiums, and recreational areas.

ADNOC and Abu Dhabi National Energy Co. (TAQA) earlier announced a $3.6 billion strategic project to significantly decarbonize ADNOC’s offshore production operations, the company added.