Red Sea unit signs SAR 175.9M contract

Red Sea International Co. announced that its subsidiary, Fundamental Installation for Electric Work Co. Ltd. (First Fix), signed a subcontract on Feb. 16 with Modern Building Leaders Co. (MBL) to execute mechanical, electrical, plumbing, and civil works for one of its projects in Riyadh.

The contract is valued at SAR 175.9 million (excluding VAT), Red Sea said in a statement to Tadawul.

First Fix is assigned to supply, install, test, and handover all mechanical, electrical, plumbing, civil, and related engineering works.

The 30-month contract is expected to have a financial impact starting from Q1 2026.

The statement noted that Red Sea and MSB Holding Co. are related parties.