Riyadh - Mubasher: The Fundamental Installation for Electric Work Company, a subsidiary of Red Sea International Company, has secured financial facilities from First Abu Dhabi Bank (FAB) with a standby limit of SAR 375 million.

The one-year financing will support the company’s upcoming projects, according to a bourse filing.

The financing is backed by a combination of corporate and personal guarantees from the subsidiary, Red Sea International, MSB Holding, and individual guarantors.

In the first half (H1) of 2025, the Tadawul-listed company turned profitable at SAR 1.87 million, against net losses valued at SAR 2.76 million in H1-24.

Last August, FAB issued a HKD 390 million ($50 million) Blue Bond, marking the first-ever Blue Bond by a financial institution in the Gulf countries.