Red Sea subsidiary inks framework agreement with KSIA

Red Sea International Co.’s subsidiary, Fundamental Installation for Electric Work Co. Ltd. (First Fix), signed a framework agreement on Feb. 18 with King Salman International Airport (KSIA) Development Co. for the early works package at the KSIA project in Riyadh.

The agreement sets general contractual terms for the execution of early works related to mechanical, electrical, and plumbing systems at the project, Red Sea said in a statement to Tadawul.

The work will be subcontracted or purchase orders issued during the validity of the framework agreement.

The final value of the works will be determined based on measured quantities and actual works executed. The scope includes the supply, installation, testing, calibration, and delivery of all early mechanical, electrical, and plumbing works.

The financial impact of the 48-month agreement is expected to be reflected starting from Q1 2026.