Red Sea Housing to spend $530m on expansion
Company’s three-fold strategy will focus on expansion as it looks to enter new sectors and countries
Saudi-based modular buildings maker, Red Sea Housing Services Company has announced the appointment of Abdullah Al Dabbagh as a new chairman, as the Jubail-based firm prepares to launch a major expansion drive aimed at growing its global market share. Al Dabbagh replaces outgoing chairman, Mohammed Tariq Abbadi.
The company’s $530m three-fold strategy to develop the company’s activities until 2020 will focus on expanding the current business of the company, which involves providing housing solutions in areas with oil, gas, and mining excavation activities.
Furthermore, it plans to enter into new geographies such as Australasia, North and South America; enter the affordable housing sector to serve the kingdom and other cities around the world; and invest in the building and construction materials sector.
Funding the expansion plan will be made through the company’s operating cash flows and through banking facilities.
In addition to Red Sea Housing Services, three factories located in Jubail, Saudi Arabia; Jebel Ali in Dubai; and Akra in Ghana, the company plans to launch operations at its latest factories in Libya to boost its current production capacity and provide comprehensive services to the North Africa region.
