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Red Sea Subsidiary Boosts Credit to 431M Riyals
During 2026, Red Sea Global amended its financing facility agreement with the National Commercial Bank to increase the credit limit for its subsidiary, the Primary Electrical Works Company, from 200 million riyals to approximately 430.8 million riyals. This increase aims to support the company's construction and engineering projects, utilizing the financing to issue guarantee letters and documentary facilities, backed by financial and personal guarantees from several companies and individuals to enhance confidence and financial standing. The company is a major arm of Red Sea Group in the fields of electrical and mechanical contracting in the Saudi market.
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