PROJECTS: Red Sea MEP subsidiary secures $100mln credit facility for new projects

First published: 10-Oct-2025 10:49:07

Staff Writer

Red Sea International Company said its subsidiary, Fundamental Installation for Electric Work Co. (First Fix), has obtained a 375 million Saudi riyal ($99.98 million) standby credit facility from First Abu Dhabi Bank.

The facility is for upcoming projects, the company said in a statement to the Saudi stock exchange. Details of the projects were not disclosed.

The credit line is secured by several guarantees, including a SAR 375 million promissory note signed by First Fix, Red Sea, MSB Holding, Fares AlSaadi, and Zeyad AlSayegh.

Additional guarantees include a SAR 18.38 million personal guarantee from AlSayegh, a SAR 36.75 million personal guarantee from AlSaadi, a SAR 128.63 million corporate guarantee from MSB Holding and a SAR 191.25 million corporate guarantee from Red Sea, the statement said.

First Fix is one of the top MEP contractors in the Saudi market. In June 2023, Red Sea International acquired a 51 percent stake in First Fix for SAR 544.2 million.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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