Red Sea Housing Services Co nets $31m finance deal

Al Rajhi Bank credit to help finance special projects and purchases

NEWS, Business, Al Rajhi Bank, Red Sea Housing Services Company, Saudi Arabia

Saudi Arabia's Red Sea Housing Services Company has signed a SAR120m ($31.9m) Islamic credit facility agreement with Al Rajhi Bank.

The deal includes SAR70m ($18.6m) general facility line to finance the procurement of raw materials and different building materials, in addition to issuing Letters of Guarantee. It also includes SAR50m ($13.3m) for the financing of special projects.

The agreement will expire by 11 March 2014, at which point it can be annually renewed according the agreed upon terms and conditions, a company statement on the Taduwal said.

Red Sea Housing Services is a leader in manufactured housing with more than 25 years of experience in design, planning, manufacturing and site construction work.

It manufactures, sells and leases all types of modular buildings. Its market area covers Africa, the Middle East, Asia and South America.

It has four manufacturing facilities located in Dubai, United Arab Emirates, Jubail, Kingdom of Saudi Arabia, Accra, Ghana and Tripoli, Libya.

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