| Element List | Explanation |
|---|---|
| Introduction | Red Sea International Company announces that its subsidiary The Fundamental Installation for Electric Work Co. Ltd. has recently signed a contract with ALEC Saudi Arabia Engineering and Contracting L.L.C. to execute Mechanical, Electrical, and Plumbing (MEP) Works at iLMi Science Discovery and Innovation Center Project located in Mohamed Bin Salman Non-profit City in Riyadh. |
| Date of Announcement of the Award | 2025-01-19 Corresponding to 1446-07-19 |
| Contract Subject Matter | Supply, installation, testing, and commissioning of mechanical, electrical, and plumbing (MEP) works at iLMi Science Discovery and Innovation Center Project |
| The Entity with Which the Contract was Signed | ALEC Saudi Arabia Engineering and Contracting |
| Date of Signing the Contract | 2025-01-19 Corresponding to 1446-07-19 |
| Contract Value | (SAR 265,997,461) Two Hundred Sixty-Five Million Nine Hundred Ninety-Seven Thousand Four Hundred Sixty-One (excluding VAT) |
| Contract Details | The scope of works includes supply, installation, testing, commissioning, and handing-over of mechanical, electrical, & plumbing (MEP) works in "iLMi" Science Discovery and Innovation Center Project at Mohammed Bin Salman Non-profit City in Riyadh. The work includes Deep Utilities and Under-slab MEP works, VT Package, Kitchen Equipment, Signage & Graphics, Landscaping, PV systems, Museum Exhibits, etc.... . The Asset comprises nine levels of main exhibition galleries, amphitheater, classrooms, auditorium panoramic café, internal gardens, and administration offices, etc... . |
| Contract Duration | Six Hundred Thirty-Six (636) days |
| Financial Impact and the Relevant Period | Revenues and profits will be realized starting from Q1 2025 |
| Related Parties | Red Sea International Company & MSB Holding Company |
| Additional Information | The Fundamental Installation for Electric Work Ltd is a local market leader and one of the top standalone MEP contractors delivering world class projects via end to end solutions that provide integrated design, engineering and construction services in the field of mechanical, electrical, and plumbing (MEP) works. |
