Red Sea International inks SAR 58 mln contract for residential buildings at Jafurah project

13/11/2023 Argaam
Logo of Red Sea International Co.

Logo of Red Sea International Co.

Red Sea International Co. signed today, Nov. 13, a contract worth SAR 58.44 million with Mubarak Marei Al Saloumi Contracting Co. to construct more residential buildings under the ninth package of the Jafurah unconventional gas field in the Eastern Region.
 
Red Sea manufacture, supply, and install high-specification pre-fabricated buildings, including residential units and support facilities such as diwaniyah, recreational building, laundry and kitchen and mess hall expansion as part of the second phase of the Jafurah project.
 
The 180-day contract begins upon receiving the final order and advance payment.
 
A positive financial impact is expected to reflect on the company's financials starting from Q4 2023.
 
There are no related parties to the deal.

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