RSI said the contract became effective and its contractual obligations officially commenced on July 1, 2026
Red Sea International Co. (RSI) said it received a land plot in Madinah from the Madinah Regional Municipality to develop, operate, and maintain a mixed-use building, following the completion of all procedures via the Furas platform. 
In a statement to Tadawul, the company said the contract became effective and its contractual obligations officially commenced on July 1, 2026, the date the municipality handed over the land.
The handover serves as final approval of the contractual relationship following payment of the required fees and electronic acceptance of the draft contract.
The financial impact of the contract was reflected in the Q1 2026 results, following the commencement of development and operations at the site.
There are no related parties to the deal, the statement added.
Any material developments will be disclosed in due course.
According to data available with Argaam, Red Sea received an award letter from the Madinah Regional Municipality in October 2025 for a lease contract to develop, operate, and maintain a mixed-use building at a total value of SAR 161.95 million, excluding VAT.
The contract value represents the total lease payments over the 50-year lease term. The allocated land spans a total area of 63,088 square meters.
RSI said the contract became effective and its contractual obligations officially commenced on July 1, 2026
Red Sea International Co. (RSI) said it received a land plot in Madinah from the Madinah Regional Municipality to develop, operate, and maintain a mixed-use building, following the completion of all procedures via the Furas platform.
In a statement to Tadawul, the company said the contract became effective and its contractual obligations officially commenced on July 1, 2026, the date the municipality handed over the land.
The handover serves as final approval of the contractual relationship following payment of the required fees and electronic acceptance of the draft contract.
The financial impact of the contract was reflected in the Q1 2026 results, following the commencement of development and operations at the site.
There are no related parties to the deal, the statement added.
Any material developments will be disclosed in due course.
According to data available with Argaam, Red Sea received an award letter from the Madinah Regional Municipality in October 2025 for a lease contract to develop, operate, and maintain a mixed-use building at a total value of SAR 161.95 million, excluding VAT.
The contract value represents the total lease payments over the 50-year lease term. The allocated land spans a total area of 63,088 square meters.
