Home / NEWS / Saudi's Red Sea Housing inks deal for $15m homes

Saudi's Red Sea Housing inks deal for $15m homes

by Yamurai Zendera on May 15, 2016

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Saudi Arabia's Red Sea Housing Services has signed a contract with Compagnie Des Bauxites De Guinee Company (CBG) to build homes in Guinea.

The three-phase project is valued at $15.5m, and this latest deal marks the final chapter in the construction of workers’ accommodation across three locations in the country.

The first accommodation facility for CBG employees completed this month and construction of second and third facilities underway.

Don Sumner, acting CEO of Red Sea Housing, said: “We are continuing to strengthen our operations in Africa, in line with Red Sea Housing’s growth strategy. This project has already been an important revenue driver for Red Sea Housing and will positively impact our business performance for this year.”

“Red Sea Housing is on track to deliver high quality accommodation and related infrastructure for CBG employees, with our unique technology that allows for rapid turnaround time of large-scale projects anywhere in the world.”

Last month, Red Sea Housing Services released its interim financial results for Q1 2016, recording SAR 32.08m ($8.5m) net profit (+18.4% YoY), the highest quarterly income figure since Q3 2014.