$175 million contract signed for development of facility at Neom’s Trojena
Red Sea
International Company has entered into a significant
agreement with the Italian construction group Webuild for the development of a staff camp at the Trojena Dam
project within NEOM, Saudi Arabia.
Valued at SR658 million ($175
million) excluding VAT, the contract is scheduled for completion within 12
months from the signing date.
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The contract includes Webuild’s
responsibility for the design, production, supply, and installation of
prefabricated buildings. The project encompasses the construction of residential
units and essential facilities such as a mosque, dining areas, a medical
centre, and a fitness centre. Additionally, the contract covers civil works
associated with the staff camp.
The execution of the project will
proceed in two stages. The first phase will start immediately, while the second
phase will be undertaken pending client approval and adherence to specific
contractual terms.
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International noted that significant updates
regarding the project will be communicated in a timely manner. No related
parties were involved in this transaction. The financial impact of the contract
is expected to be reflected in the company’s financial statements from the
third quarter of 2024 through the end of 2025.
Earlier this year, Webuild was awarded a SR4.7 billion
contract for NEOM’s development, which includes constructing three dams to
create a 2.8 km freshwater lake in Trojena.
Source: https://www.worldconstructionnetwork.com/
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