Saudi’s Red Sea Housing wins $15.5m contract in Guinea

Contractor will build integrated accommodation facilities for CBG in West Africa

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Red Sea Housing Services has signed a contract with Compagnie Des Bauxites De Guinee Company (CBG), the largest single producer of bauxite (aluminium ore) in the world, to build integrated accommodation facilities in Guinea, West Africa.

This is the third CBG contract won this year by Red Sea Housing Services, with the three phases of the project valued at a total of $15.5 million. The construction of the workers’ accommodation facilities will include housing, kitchens and diners. In addition, indoor and outdoor recreation, utilities, police and security stations and a clinic will be built, in addition other miscellaneous outlets.

“We are continuing to strengthen our operations in Africa, in line with Red Sea Housing’s growth strategy. This project has already been an important revenue driver for Red Sea Housing and will positively impact our business performance for this year,” Don Summer, acting chief executive officer of Red Sea Housing, said in a statement.

“Red Sea Housing is on track to deliver high quality accommodation and related infrastructure for CBG employees, with technology that allows for rapid turnaround time of large-scale projects anywhere in the world,” he added.

Last month, Red Sea Housing Services released its interim financial results for Q1 2016, recording $8.5 million net profit (+18.4% YoY), the highest quarterly income figure since Q3 2014.

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