Logo of Red Sea International Co.
Red Sea International Co. secured a contract from the Madinah Regional Municipality to lease, construct, operate, and maintain a mixed-use building on a designated plot of land in Madinah. 
In a statement to Tadawul, the company said the project, valued at SAR 161.95 million, excluding VAT, covers a 63,088-square-meter site located at the intersection of Omar bin Al-Khattab Road and Abdul Harith bin Zaid Al-Dhabi Road.
The company noted that the total contract value represents the lease payments over a 50-year term, adding that there are no related parties to the deal.
Red Sea said it will announce any material developments related to the project in due course.
Logo of Red Sea International Co.
Red Sea International Co. secured a contract from the Madinah Regional Municipality to lease, construct, operate, and maintain a mixed-use building on a designated plot of land in Madinah.
In a statement to Tadawul, the company said the project, valued at SAR 161.95 million, excluding VAT, covers a 63,088-square-meter site located at the intersection of Omar bin Al-Khattab Road and Abdul Harith bin Zaid Al-Dhabi Road.
The company noted that the total contract value represents the lease payments over a 50-year term, adding that there are no related parties to the deal.
Red Sea said it will announce any material developments related to the project in due course.
