Red Sea International signs $14mln deal for Saudi’s NEOM megacity

CountrySaudi Arabia

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 SeaThe 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 more...