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Chairman of Saudi Arabia's Red Sea International Co resigns

Dr Ibrahim Hasan Al-Madhoun resigned from his post on 18 July, 2019 due to personal reasons

Red Sea International Co is known for its prefab work.
CW Archives
Red Sea International Co is known for its prefab work.

The board of directors of Saudi Arabia’s Tadwaul-listed prefabricated housing firm Red Sea International Company has approved the resignation of chairman Dr Ibrahim Hasan Al-Madhoun, as well as a non-executive member.

In a stock market filing, the company said that Al-Madhoun had resigned on 18 July, 2019, citing personal reasons. 

Red Sea International Co vice chairman of the board, Jamal Abdullah Al Dabbagh, would serve as acting chairman until an appointment had been formalised. 

In April 2019, the company appointed Tareq Mohammed Telmesani, a former Saudi Aramco employee who has also served in various roles in Jeddah Development & Urban Regeneration and Knowledge Economic City, as its chief executive officer.

Earlier this month, Red Sea Housing Services Company Dubai, a UAE-based subsidiary of Red Sea International Company, signed a $15m (SAR56m) contract with Expo 2020 Dubai to supply modular structures for the World Expo.

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Construction Week - Issue 749
Sep 15, 2019