Tadawul-listed Red Sea International Company has secured two contracts worth $34.9m (AED131m) for Saudi Arabia’s $500bn (SAR1.9tn) NEOM gigaproject, backed by the kingdom’s Public Investment Fund (PIF), to design-build and install accommodation units, offices, and all supporting building amenities.  In a stock market filing, the company said that the first contract worth $20.8m (SAR78m) covers engineering, procurement, and construction (EPC) works. 

The company said that the contract’s duration will be for four months starting from the contract date.

Red Sea International Company said that the financial impact of the contract will be “represented in generating revenue and profits that are recorded over the period beginning from Q4 2020 until Q1 2021”.

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