RIYADH: Red Sea International Co. signed a SR60.5 million ($16.12 million) contract with The Red Sea Development Co., known as TRSDC, to design, manufacture, supply, and install three complexes in the Saudi western region, according to a bourse filing.
This comes in line to support the construction activities of luxury hotels on three islands in the Red Sea, Sheybarah and Ummahat Al Shaikh islands.
The contract duration is 194 days, the company said in a statement to Saudi stock exchange, Tadawul.
The contract consists of various types of modular units, which can be used as accommodations or offices. These units will be fully furnished to provide all the requirements for the crew working on the construction site.
Revenues and profits will be realized starting the first quarter of 2022.
There are no related parties in the contract, the statement said.