RIYADH: Shares of Red Sea International Co. rose on Wednesday after the developer sealed an eight-month deal with Samsung C&T Corp. to provide complexes for ADNOC in the UAE.
The Saudi-based firm’s stock price surged 2.4 percent to reach SR16.8 ($4.5) as of 11:30 a.m. Riyadh time.
As per the deal, Red Sea will supply and construct three accommodation complexes for ADNOC’s decarbonization onshore and offshore production operations, according to a bourse filing.
The buildings will be located in two onshore locations: Al-Mirfa and Shuweihat, and at an offshore site on Das Island in Abu Dhabi.
With a capacity to accommodate 800 professionals, the complexes will have support facilities including catering services, emergency aid buildings, gyms, and recreational areas.
