ConstructionWeekOnline reports from Saudi Arabia that Red Sea Housing Services Company, LTD has signed a (SAR120m) $31.9 million credit facility agreement with Al-Rajhi Bank, (SAR50m) $13.3 million of which is for the financing of special projects, and (SAR70m) $18.6 million to acquire building materials. The agreement will expire in one year but may be renewed. Red Sea Housing began in the 1970s, as MHProNews has learned, by importing manufactured housing from the U. S., establishing its own factory-built production in 1983 in Jeddah, SA. It now bills itself as having the largest manufactured building production facilities in the Middle East, and in 2005 opened a plant in Accra, Ghana to serve the African market with modular buildings. Based in Saudi Arabia, Al-Rajhi is the world’s largest Islamic bank, and has special banking facilities for women.

(Photo credit: Red Sea Housing Services Company, LTD)