Red Sea gets Madinah land for mixed-use project

Red Sea International Co. (RSI) said it received a land plot in Madinah from the Madinah Regional Municipality to develop, operate, and maintain a mixed-use project. The company disclosed the allocation in a filing to the Saudi stock exchange Sunday, without specifying the plot size or the project's total investment value.

The land sits within the municipality's urban development plan for the region. Red Sea International will handle the full lifecycle of the project – design, construction, operations, and maintenance – under a long-term arrangement with the municipality. The company did not provide a timeline for construction or completion.

Red Sea International, listed on the Saudi Exchange under ticker 4230, focuses on integrated facilities management, construction, and real estate development across the kingdom. The Madinah project adds to its growing portfolio of government-linked developments, which include contracts with the Ministry of Education and other state entities.

The municipality's decision to allocate the plot rather than tender it competitively signals confidence in Red Sea International's delivery track record, analysts said. The company has completed several large-scale government projects in recent years, including housing and hospitality developments in Makkah and Jeddah.

Red Sea International shares closed at SAR 27.50 on Sunday, up 1.1% on the session. The stock has gained 12% year-to-date, outperforming the Tadawul All Share Index's 6% rise over the same period.