Red Sea International inks SAR 43.9 mln contract for prefabricated buildings in Jubail

Logo of Red Sea International Co.

Red Sea International Co. signed, on Nov. 6, a contract worth SAR 43.9 million (VAT exclusive) with Mubarak Marei Al Saloumi Contracting Co., to construct administrative buildings for the Amiral project in Jubail.

In a statement to Tadawul, the company pointed out that the contract includes high-spec manufacture, supply and installation of prefabricated buildings, including office units and the project support buildings, within the construction framework of Amiral Complex, a future petrochemical expansion facility at the SATORP refinery.

The five-month contract will be effective as of the date of the executive drawings approval.

A positive financial impact is expected to reflect starting from the fourth quarter of 2023, the statement added, noting that there are no related parties to the deal.