RED SEA HOUSING SIGNs SAR 109 million construction deal with MAADEN

Red Sea Housing Services Company announces signing an agreement with Maaden Infrastructure Company (MIC) in the amount of SAR 109,000,000 for the construction of a Senior Executives Camp at the King Abdullah Project for the development of Waad Al Shamal (Northern Promise).
Under the terms of the agreement, which was signed on Saturday 09-11-2013 corresponding to 06-01-1435, Red Sea Housing shall construct the Professional facilities with the capacity to accommodate 400 Executives and provide all required services such as catering services for tenants, fresh water, electricity supply, waste water treatment facilities, cleaning services, indoor and outdoor recreation facilities, and provide all necessary Operations and Maintenance thru the duration of the contract, which lasts till April 2017. 
The project will be executed in several phases starting from January 2014, and will be partially handed over starting from April 2014. The construction of these facilities is scheduled for completion and handing over, fully operational, by July 2014. The project will be financed through Red Sea Housing internal Cash Flow, in addition to credit facility lines and banking loans that will be arranged locally. The financial impact of this project will be reflected on the financial results of first quarter of 2014.
This project once again demonstrates Red Sea Housing capability to provide a unique package of comprehensive housing solutions and high-quality products that earned the trust of numerous companies specializing in the Mining, Oil and Gas sectors over the past years. It also emphasizes the determination of the Company to accomplish the pillars of the Growth Strategy, which aims at expanding the current business and expand into new geographical markets, invest in the Building and Construction Sector, and enter the Affordable Housing Sector.