Red Sea International Company announces that its subsidiary The Fundamental Installation for Electric Work Co. Ltd. has obtained additional financing from Saudi Awwal Bank (SAB)

Red Sea International Company announces that its subsidiary The Fundamental Installation for Electric Work Co. Ltd. has obtained additional financing from Saudi Awwal Bank (SAB)

Introduction

Red Sea International Company announces that its subsidiary, The Fundamental Installation for Electric Work Co. Ltd. has signed an agreement to increase the limit of financial facilities with Saudi Awwal Bank (SAB) by an amount of SAR 65 million, for a total value of SAR 196.107 million. As a reminder, The Fundamental Installation for Electric Work Co. Ltd. signed a facilities contract earlier in September 2023, to issue the final guarantee and the advance payment guarantee for The AMAALA Triple Bay - Integrative Wellness Resort & Medical Residence. The additional financing is targeted towards funding the purchase and import of goods for the aforementioned project in addition to payroll financing.

Financing duration.

a) Advance Payment Bond: shall be valid till November 16, 2024 (or upon Advance Payment recovery by the Employer) b) Performance Bond: 24 months (knowing that it may be extended till the end of the DNP i.e. 2026) c) Payroll Financing: No specific duration. d) LC’s: one (1) year from the date of the offer letter (7-Jan-2024 till 7-Jan-2025)

Guarantees offered for the financing

1. Promissory Note: SAR 196,107,000