Red Sea Housing Company says Libya branch still on hold

Saudi Arabia-based Red Sea Housing Services Company said on Sunday that the opening of its branch in Libya is still on hold due to the country’s ongoing political turmoil.

According to the company’s statement on Tadawul, the North African country’s poor security situation remains unchanged. The instability has kept the company from completing maintenance operations necessary to start production.

The company stressed that it would seize the opportunity to start operating once the security situation stabilizes in Libya and the region. 

According to the data available on Argaam, Red Sea Housing Services had announced in December of 2013 that it was unable to complete the maintenance and rehabilitation of its plant in Libya because of the deteriorating security situation.

The plant had been scheduled to open during the second quarter of 2011, but was postponed due to political unrest.

Libya has been witnessing political turmoil and the rise of insurgencies among its various political factions since its 2011 revolt, which eventually led to the fall of long-time leader Muammar Qaddafi and civil war.