Red Sea International Company has secured a contract with Italian construction group Webuild for the construction of a staff camp at the Trojena Dam project within NEOM, Saudi Arabia.
The contract, valued at SR658m ($175m) excluding VAT, is set for completion over a 12-month period from the date of signing.
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The announcement, made to the Saudi stock exchange, Tadawul, detailed that Webuild’s scope includes the design, production, supply, and installation of prefabricated buildings.
The development also includes residential spaces and essential facilities such as a mosque, dining areas, a medical centre, and a fitness centre.
Civil works associated with the staff camp also fall under the contract’s purview.
The execution plan is divided into two stages. The initial phase will commence immediately while the subsequent phase will proceed subject to client approval and in line with specific contractual conditions.
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By GlobalDataRed Sea International Company stated that any significant updates regarding the project will be disclosed in a timely manner.
The company confirmed that no related parties were involved in the transaction.
The financial effects of the contract are anticipated to be reflected from the third quarter of 2024 through the end of 2025 for the company.
Earlier in the year, Webuild was awarded a SR4.7bn contract as part of NEOM’s ambitious development plans.
The company’s responsibilities included constructing three dams to form a 2.8km freshwater lake in Trojena.
