Red Sea extends JV deal with Brazilian housing firm

Red Sea International Co. has extended a joint venture agreement between one of its subsidiaries and Brazil-based Direcional Engenharia S.A for two years as of Feb. 2, 2017, the company said in a statement to Tadawul on Monday.

In March 2015, the Saudi developer signed two agreements with the Direcional Engenharia, one of which was a Technical Service Agreement (TSA) to get access to the technical experience and Know-how of developing affordable housing projects. 

After evaluating several housing projects and conducting feasibility studies, Red Sea could not identify a viable investment opportunity.

There were no material costs associated with signing the agreement, and Red Sea cannot determine its future financial impact at this time, the statement said.