Red Sea Housing Services secures $68m loan
Cash to be used for Rabigh project and to buy building materials
Red Sea Housing Services Company has announced that it has secured new loans worth $68m (SR: 255.6m) from National Commercial Bank.
The company, which manufactures modular housing units used for worker accommodation at oil fields and other major installations, said that the funding includes a $33.3m (SR: 125m) loan to finance the construction of a workers' camp for GS Engineering at a refinery project in Rabigh, which includes a one-year grace period and will be paid over 30 months.
A further $34.8m (SR: 130.6m) will be used to finance the purchase of raw materials.
Red Sea Housing Services last year announced a $500m (SR: 2bn) growth plan involving an expansion into overseas markets, as well as a broadening of its offer to include the launch of new businesses serving the building materials and affordable housing markets.
Last month, the company announced the launch of a new paint business in association with US-based coatings company Sherwin Williams. The pair have launched Premier Paint Company in Jeddah.