Red Sea International signs SAR 210 mln facilities management deal

Red Sea International Co. signed, today, Dec. 17, a contract worth SAR 210 million with The Red Sea Development Company (TRSDC), according to a bourse filing.

Under the contract, which has a tenor of three years extendable for additional cost, Red Sea International will provide facility management, operations and maintenance services as well as other life support services to the worker accommodation facilities owned by TRSDC in its project located along the coast north of Jeddah.

Red Sea International will also be responsible for providing comprehensive camp operations and facilities management including catering, housekeeping, laundry, full camp maintenance, security, landscaping/gardening, waste management, and civil defense services.

The company noted that the financial impact from the contract award is represented in realizing revenue and profits on monthly basis, starting from January 2021 through December 2023.

It also added that there are no related parties to the contract.

The signing of the operation, maintenance and services contract comes as part of complementing the role of Red Sea International for more than 40 years in the area of manufacturing and installing prefabricated buildings and providing quick construction solutions in the region, through offering the services of catering, housekeeping, laundry maintenance, medical, security and recreational services.