Red Sea International seals SAR 29.1 mln contract with First Fix

Logo of Red Sea International Co.

Red Sea International Co. signed a contract worth SAR 29.1 million (excluding value-added tax) with Fundamental Installation for Electric Work Co. Ltd. (First Fix) to design, manufacture, supply, and install prefabricated modular buildings in NEOM, according to a statement to Tadawul today, Aug. 6.

The financial impact of the four-month contract will be represented in revenues and profits to be realized starting from Q3 2023, the company said, noting there are no related parties.

The contract came as part of a prestigious and leading housing compound that will be executed in Sharma, NEOM, to support the new city’s developmental projects, comprising modern housing units that align with the latest standards.