Red Sea subsidiary signs SAR 266M contract

Red Sea International Co.'s subsidiary, Fundamental Installation for Electric Work Co. Ltd. (First Fix), signed a SAR 266 million contract with ALEC Saudi Arabia Engineering and Contracting LLC.

The deal covers mechanical and electrical works for the Scientific Discovery and Innovation Center.

In a statement on Tadawul, the company said the center will be located in Mohammed bin Salman Non-Profit City in Riyadh.

First Fix will handle engineering, supply, installation, testing, and commissioning of mechanical and electrical systems.

The scope includes deep and underground utilities, vertical transportation, kitchen equipment, signage, landscaping, photovoltaic energy systems, and museum exhibits.

The center will feature nine floors of scientific exhibits, an auditorium, lecture halls, a panoramic café, indoor gardens, and administrative offices.

The contract was signed on Jan. 19 and will run for 636 days. The financial impact will be reflected from Q1 2025.

The company noted that related parties in the contract include Red Sea and MSB Holding Co.