Red Sea subsidiary inks SAR 113M EPC contract with MBL

Red Sea International Co.’s subsidiary, Fundamental Installation for Electric Work Co. Ltd., signed a contract for engineering, procurement and construction (EPC) for site preparation and infrastructure works at Jeddah Central Development Project with Modern Building Leaders Co. (MBL) at a value of SAR 113 million (excluding VAT).

Under the 379 day-contract, the company will provide EPC services for mechanical and electrical works (MEP) related to site preparation and infrastructure works for the project, the company said in a statement to Tadawul.

Revenues and profits will be realized starting from Q2 2024, the statement added, indicating that Red Sea International Co. and MSB Holding Co. are related parties.

Fundamental Installation for Electric Work Co. Ltd. is a local market leader and one of the top standalone MEP contractors, delivering world class projects via end-to-end solutions, the company stated.