Red Sea Housing Services secures $68m loan

Cash to be used for Rabigh project and to buy building materials

NEWS, Business

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.


Most popular


CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that


Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020