Red Sea secures SAR 161.9M project with Madinah Municipality

29/10/2025 Argaam
Red Sea says the contractual value represents the lease payments over a 50-year term

Red Sea says the contractual value represents the lease payments over a 50-year term

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 land plot 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 contractual 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.

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