Saudi Red Sea unit inks $14.93mln contract with Expo 2020

Under the 20-month deal, Red Sea Housing Services will supply Expo 2020 with modular structures related to the upcoming Expo 2020 Pavilion

  
Image used for illustrative purpose. Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

Image used for illustrative purpose. Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

REUTERS/Faisal Al Nasser

Riyadh –  Red Sea Housing Services Company Dubai, which is fully owned by Red Sea International Company, has signed a contract with Expo 2020 in Dubai.

The agreement’s total value amounted to SAR 56 million, according to a filing to the Saudi Stock Exchange (Tadawul) on Monday.

Under the 20-month deal, Red Sea Housing Services will supply Expo 2020 with modular structures related to the upcoming Expo 2020 Pavilion.

The contract scope covers fabrication, supply and construction of numerous pre-manufactured and modularized structures as well as rental units, which will cater to the visitors attending the event over a six-month period.

The contract commences on August 2019 and shall last until April 2021.

However, the financial impact resulting from the project will be recognized over the period from the third quarter of 2019 to the first quarter of 2021.

Source: Mubasher

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