JEDDAH – Red Sea Housing Services Co, a publicly- traded company in the Saudi stock market, has recently signed a contract worth SR226 million with GS Engineering Company for a key project in Saudi Arabia. Under the terms of the contract, Red Sea Housing Services Company will construct housing compounds to accommodate almost 9,000 employees of the Korean company that will be involved in the construction of the second phase of the Petro Rabigh refinery expansion project. Mohammed Othman Mallawi, Investor Relations Manager at Red Sea Housing Services Company, said that GS Engineering will lease the housing complex for a period of 30 months. Red Sea Housing Services will also be providing catering services to occupants of the camp facility, totaling more than 27,000 meals daily, along with electricity supply, fresh water, sewage treatment facility, cleaning services, mosques, recreational amenities and maintenance services through the duration of the lease contract. Red Sea Housing has implemented projects during the past six years to build housing complexes, reaching SR5 billion, including contracts with Maaden company in Ras Al Khair, and Chiyoda-Japan Joint Venture in Papua, New Guinea at SR656 million and SR469 million, respectively. “The contract with the Korean company reflects the continuing success of our ongoing growth plans, especially with the recently adopted 2020 growth strategy, which involves capital spending of SR2 billion. The company intends to further develop its core business and expand to new regions worldwide, including Australia, Eastern Asia, North America and South America, in addition to further investing in the field of building and construction materials and engaging in the affordable housing sector,” Mallawi added. — SG
