The company added that the contract amounted to 78 million Saudi riyals (20.8 million dollars), and a period of 4 months from the date of signing.
The Red Sea Company said in its statement today to the Saudi Stock Exchange that the residential units and administrative offices that will be equipped will be used by NEOM employees for the implementation of the project, which includes the development of cities, ports, commercial areas, research centers and tourist destinations, according to the statement.
About the Red Sea Company
It was established in 1967 in the Saudi city of Jeddah, and it is listed on the Saudi Stock Exchange, and it owns 4 factories, two of them in the cities of Jeddah and Jubail in Saudi Arabia, and one in Jebel Ali in the UAE, and the last in Accra, Ghana, according to its website.
The company works in providing housing solutions and building private housing complexes for companies specialized in the fields of gas, oil and mining exploration that operate outside the urban area. The company sells, leases and operates prefabricated housing units, according to the company’s file on the Saudi Stock Exchange website.
Background on NEOM
(According to the official website of the NEOM project and international media reports)
A huge Saudi project on the Red Sea coast aims to establish industrial, tourism and investment zones based on modern technology and renewable energy. It extends over an area of 26.5 kilometers and includes lands in the states of Egypt and Jordan.
The investment of the project is $ 500 billion, and the first phase will end in 2025, and the project is expected to be completed within a period of 30 to 50 years.
The NEOM project is part of Saudi Crown Prince Mohammed bin Salman’s plan, known as the Kingdom’s Vision 2030, which aims to attract foreign investment and create jobs in an effort to reduce the kingdom’s dependence on oil.
The company expects that its contract with NEOM will contribute to achieving revenues and profits for the company, which appear in stages, starting from the last quarter of this year until the first quarter of 2021, according to the statement.
(Prepared by Abdel Qader Ramadan and Abdel Qader works for the Masrawy Al-Masry website, and he previously worked in several institutions, including the Egyptian Voices website affiliated with the Thomson Reuters Foundation, the Egyptian Stock Exchange newspaper, and the Egyptian satellite channel CBC)
(Editing by Yasmine Saleh, for contact: [email protected])
Zawya Arabi covers economic news and analysis on the Middle East and the Arabian Gulf and uses simple Arabic.
© ZAWYA 2020
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