Saudi Arabia-based Red Sea International has signed a multi-million-dollar contract with NEOM Company, which is building a $500 billion high-tech development that includes tourism and sport facilities on the Red Sea
The deal, valued at 53 million Saudi riyals ($14 million), will cover the facility management, operations and maintenance services for the accommodation, offices and all supporting building amenities for the senior employees of NEOM Industrial City Project.
The three-year contract is extendable for additional cost, the company said in a statement to the Saudi Stock Exchange (Tadawul).
The impact of the new deal will be reflected in the financial statements over the period beginning from the first quarter of 2021 to the fourth quarter of 2023.
The $500 billion NEOM project is part of the Vision 2030 plan of Crown Prince Mohammed bin Salman that seeks to generate foreign investments and employment opportunities.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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