Saudi-based Red Sea International Company today (July 28) announced that its subsidiary, The Fundamental Installation for Electric Work Co., has amended a financing agreement with Saudi National Bank, increasing the value of its banking facilities to SAR430.8 million ($114.9 million) from SAR 200 million ($52.4 million) earlier.

The facilities will be used to issue advance payment guarantees, performance bonds and letters of credit, stated Red Sea International in its Saudi bourse filing.

The amended facilities, obtained on July 28, mature on July 31, 2026.

The two-fold jump in financing is backed by a SAR430.8 million promissory note from The Fundamental Installation for Electric Work Co., as well as corporate guarantees from Red Sea International and MSB Holding Company, and personal guarantees from Fares Esamet Abd Alsamed AlSaadi and Zeyad Jean Alsayegh, it stated.

Red Sea International identified Red Sea International Co. and MSB Holding Company as related parties to the transaction.

A local market leader, the Fundamental Installation for Electric Work Co. provides mechanical, electrical and plumbing (MEP) engineering and construction services in Saudi Arabia.