Red Sea signs SAR 658M contract with Webuild SpA

Red Sea International Co. signed today, Aug. 18, a contract worth SAR 658 million (VAT exclusive) with global heavy construction contractor Webuild SpA to build a staff camp serving the Trojena Dam project at NEOM.

In a statement to Tadawul, Red Sea said the contract, valid for 12 months from the signing date, aims to design, manufacture, supply and install prefabricated buildings. This includes residential units and supporting buildings such as a mosque, dining halls, a medical clinic and a gym.

The contract also covers civil works to serve the staff camp for the Trojena Dam project.

The project will be executed over two phases. The first will begin immediately, while the second phase will be executed based on the client’s approval and in accordance with the contractual terms stipulated in this regard.

The relevant financial impact is expected to show from Q3 2024 to 2025-end.

There are no related parties to the deal, the developer added, noting that any other updates will be duly announced.