Red Sea International awards contract for prefabricated residential project
Advanced prefabrication techniques are set to enable rapid development of Sharma community, with a high premium on sustainability
The Red Sea International Company has signed a contract worth US $7.76mn with The Fundamental Installation for Electric Work Company (known as ‘First Fix’) to design, manufacture, supply and install prefabricated buildings for a residential project in NEOM.
Elements of this work will involve the use of innovative 3D printing techniques, allowing more rapid on-site construction as well as considerably reducing overall time-frames and schedules. Hence, a relatively ambitious portfolio of project work is scheduled for inclusion in this new four-month contract.
The financial impact of the contract will be shown in revenues and profits in the period starting from Q3 2023, the company said in its most recent filing to Saudi bourse, Tadawul.
The contract specifically involves work on a prestigious and extensive housing compound that will be executed in Sharma, NEOM, to support the new city’s developmental projects. This will comprise contemporary housing units aligning with a raft of regulatory standards, particularly in terms of sustainability and observance of zero carbon goals.
