{"id":41932,"date":"2023-06-13T17:11:58","date_gmt":"2023-06-13T14:11:58","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=41932"},"modified":"2026-03-28T03:30:13","modified_gmt":"2026-03-28T00:30:13","slug":"red_sea_international-completes-51-stake-acquisition-in-first-fix","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/red_sea_international-completes-51-stake-acquisition-in-first-fix\/","title":{"rendered":"#Red_Sea_International completes 51% stake acquisition in First Fix"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/RSI-Building_ssict_1200_1244.webp\"><img loading=\"lazy\" decoding=\"async\" width=\"988\" height=\"1024\" src=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/RSI-Building_ssict_1200_1244-988x1024.webp\" alt=\"RSI Building_ssict_1200_1244\" class=\"wp-image-41934\" srcset=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/RSI-Building_ssict_1200_1244-988x1024.webp 988w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/RSI-Building_ssict_1200_1244-289x300.webp 289w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/RSI-Building_ssict_1200_1244-768x796.webp 768w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/RSI-Building_ssict_1200_1244-1080x1120.webp 1080w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/RSI-Building_ssict_1200_1244.webp 1200w\" sizes=\"(max-width: 988px) 100vw, 988px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Riyadh:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.redseaintl.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Red Sea International (<strong>RSI<\/strong>)<\/a>\u00a0announced the acquisition of 51% of the share capital of\u00a0<strong>The Fundamental Installation for<\/strong>\u00a0<strong>Electric Work Company Ltd, First Fix<\/strong>, by means of cash consideration. The agreement was executed on Tuesday in Riyadh. The acquisition closure will be subject to satisfaction of certain regulatory and corporate conditions, as well as RSI\u2019s due diligence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">RSI is the developer behind ambitious Saudi tourism destinations the Red Sea and AMAALA.\u00a0Pioneering modular engineering since 1967, RSI, is known for its strong record and international expertise.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe objective of the acquisition is to strengthen RSI\u2019s leadership position as well as enhance its presence in the region where it already has a strong brand equity,\u201d said Khalid Fagih,&nbsp;<strong>MD and CEO of RSI<\/strong>.&nbsp;\u201cThis acquisition strengthens the framework of&nbsp;<strong>RSI&nbsp;<\/strong>which synergizes&nbsp;with&nbsp;<strong>First Fix<\/strong>&nbsp;as an internal group entity that will further augment the speed of project delivery and excellence. RSI will gain a critical stream of electromechanical construction capability which are very crucial to every single client need,\u201d he added.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>First Fix\u00a0<\/strong>is a Saudi based construction firm since 2014 with more than 190 world class projects through end-to-end solutions that offered integrated design, engineering, and construction disciplines of mechanical, electrical &amp; plumbing (MEP). The company was valued at Saudi Riyals 1.06 billion based on the valuation process that was conducted by Al Rajhi Capital. During 2022,\u00a0<strong>First Fix<\/strong>\u00a0reached its historic highest annual Revenues of SAR 1.49 billion with a Net profit of SAR 146 million. Apart from past performance,\u00a0<strong>First Fix<\/strong>also has a strong financial forecast, backed by their project order backlog of SAR 3.9 billion which will be delivered during 2023 and beyond.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/Khalid-Fagih-Photo_ssict_1200_1680.webp\"><img loading=\"lazy\" decoding=\"async\" width=\"731\" height=\"1024\" src=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/Khalid-Fagih-Photo_ssict_1200_1680-731x1024.webp\" alt=\"Khalid Fagih Photo_ssict_1200_1680\" class=\"wp-image-41933\" srcset=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/Khalid-Fagih-Photo_ssict_1200_1680-731x1024.webp 731w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/Khalid-Fagih-Photo_ssict_1200_1680-214x300.webp 214w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/Khalid-Fagih-Photo_ssict_1200_1680-768x1075.webp 768w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/Khalid-Fagih-Photo_ssict_1200_1680-1097x1536.webp 1097w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/Khalid-Fagih-Photo_ssict_1200_1680-1080x1512.webp 1080w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2023\/06\/Khalid-Fagih-Photo_ssict_1200_1680.webp 1200w\" sizes=\"(max-width: 731px) 100vw, 731px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Speaking on the Saudi market dynamics and positivity, Mr. Fagih added that&nbsp;<strong><em>\u201cAs a Saudi Arabian business entity, this is an opportune time for growth and development, with numerous opportunities innovative ideas before us. Saudi Arabia as a nation under visionary leadership, is transforming its landscape and global position through the historic blueprint of \u2018Vision 2030\u2019<\/em>.\u201d&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to the traditional oil and gas markets,&nbsp;<strong>RSI<\/strong>&nbsp;is diversifying its product portfolio into new sectors such as health, hospitality, education, and residential, where there is a growing demand for its solutions.Furthermore,&nbsp;<strong>RSI\u2019s<\/strong>&nbsp;technology and practices are designed to support and facilitate &#8220;Net Zero&#8221; and &#8220;Circular Economy&#8221; initiatives. By adopting responsible business practices,&nbsp;<strong>RSI<\/strong>&nbsp;aims to make a significant difference in promoting sustainability and environmental responsibility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>\u201cThis 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, \u201d Fagih concluded.&nbsp;<\/em><\/strong><strong>&nbsp;<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Riyadh: Red Sea International (RSI)\u00a0announced the acquisition of 51% of the share capital of\u00a0The Fundamental Installation for\u00a0Electric Work Company Ltd, First Fix, by means of cash consideration. The agreement was executed on Tuesday in Riyadh. The acquisition closure will be subject to satisfaction of certain regulatory and corporate conditions, as well as RSI\u2019s due diligence. [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":41934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-41932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized 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