Red Sea International (RSI), a provider of specialised prefabricated modular buildings for various real estate and industrial sectors, said it has completed the acquisition of a 51% stake in Saudi construction firm – The Fundamental Installation for Electric Work Company (First Fix) – for cash.Â
Announcing the strategic deal this week, RSI said this comes as part of its strategy to diversify the Saudi group’s product portfolio by venturing into new sectors such as health, hospitality, education and residential other than the traditional oil and gas markets.
The closing of the deal will be subject to satisfaction of certain regulatory and corporate conditions, as well as RSI’s due diligence.
“The objective of the acquisition was to strengthen RSI’s leadership position as well as enhance its presence in the region where it already has a strong brand equity,” remarked its Managing Director and CEO Khalid Fagih.
“This ambitious transformation plan provides an expansive platform, particularly for those who are intuitive and adaptive. Therefore, any strategy adopted must be focused on readiness to capitalize on the vast landscape of opportunities offered by Vision 2030,” he added.
