Articles > Fundamental Installation for Electric Work Company Secures SAR 200m Funding from SAIB
Fundamental Installation for Electric Work Company Secures SAR 200m Funding from SAIB
By KlickAnalytics Data Insights | January 18, 2026 01:12PM ET
- SAR 200 million multi-purpose funding agreement signed with Saudi Investment Bank (SAIB)
- Funds to be used for advance payment bonds, performance bonds, and letters of credit (LCs)
- Financing secured through promissory notes, corporate guarantees, and personal guarantees
Riyadh - The Fundamental Installation for Electric Work Company, a subsidiary of Red Sea International Company, has sealed a SAR 200 million funding agreement with the Saudi Investment Bank (SAIB). The 307-day facilities will support the issuance of advance payment bonds, performance bonds, and letters of credit (LCs), as disclosed in a bourse filing. Moreover, the funding is backed by a mix of promissory notes, corporate guarantees, and personal guarantees.
The subsidiary, accompanied by guarantors such as Red Sea International, MSB Holding Company, Fares Esamat Al Saadi, and Ziyad Jean Alsayegh, has signed a promissory note covering the full SAR 200 million. Red Sea International provided a corporate guarantee of SAR 102 million, with MSB Holding contributing a corporate guarantee of SAR 68.60 million, both supported by partners and board resolutions. Additionally, personal guarantees of SAR 19.60 million and SAR 9.80 million were provided by Fares Esamet Abd Alsamed Al Saadi and Ziyad Jean Alsayegh, respectively.
Earlier this month, the Fundamental Installation for Electric Work Company inked a SAR 220 million contract with Al Arab Hospital Company Limited for the construction of a 19-storey hospital with two basements in South Obhur, Jeddah. This funding agreement signifies a major step forward in enhancing the company's financial capabilities and expanding its project portfolio.
This news story highlights the continuous growth and strategic partnerships of the Fundamental Installation for Electric Work Company, showcasing its commitment to delivering top-notch electrical and construction services in the region. With the support of SAIB and other key stakeholders, the company is poised to achieve greater milestones in the coming years.
- Funds to be used for advance payment bonds, performance bonds, and letters of credit (LCs)
- Financing secured through promissory notes, corporate guarantees, and personal guarantees
Riyadh - The Fundamental Installation for Electric Work Company, a subsidiary of Red Sea International Company, has sealed a SAR 200 million funding agreement with the Saudi Investment Bank (SAIB). The 307-day facilities will support the issuance of advance payment bonds, performance bonds, and letters of credit (LCs), as disclosed in a bourse filing. Moreover, the funding is backed by a mix of promissory notes, corporate guarantees, and personal guarantees.
The subsidiary, accompanied by guarantors such as Red Sea International, MSB Holding Company, Fares Esamat Al Saadi, and Ziyad Jean Alsayegh, has signed a promissory note covering the full SAR 200 million. Red Sea International provided a corporate guarantee of SAR 102 million, with MSB Holding contributing a corporate guarantee of SAR 68.60 million, both supported by partners and board resolutions. Additionally, personal guarantees of SAR 19.60 million and SAR 9.80 million were provided by Fares Esamet Abd Alsamed Al Saadi and Ziyad Jean Alsayegh, respectively.
Earlier this month, the Fundamental Installation for Electric Work Company inked a SAR 220 million contract with Al Arab Hospital Company Limited for the construction of a 19-storey hospital with two basements in South Obhur, Jeddah. This funding agreement signifies a major step forward in enhancing the company's financial capabilities and expanding its project portfolio.
This news story highlights the continuous growth and strategic partnerships of the Fundamental Installation for Electric Work Company, showcasing its commitment to delivering top-notch electrical and construction services in the region. With the support of SAIB and other key stakeholders, the company is poised to achieve greater milestones in the coming years.
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