Tadawul-listed Red Sea Housing, a subsidiary of the Saudi Arabia-based modular buildings manufacturer Red Sea International, acquired Dubai-based Modular Rental Solutions as means to diversify its interests in the GCC.
The acquisition is part of the process of setting up a new division, Red Sea Rental Services, which will serve the rental market for modular or temporary buildings – a service already provided by Modular Rental Solutions.
"Clients today need the ability to source all their requirements under one roof whereby they are assured the difficulties of operating in a remote location or under tight timelines can be achieved economically and efficiently," Red Sea Housing Vice President Paolo Pedroni said.
He added: "Modular Rental Solutions is one of the leading rental companies in Dubai and this acquisition will enable us to expand its footprint and provide more services to our client base that require alternative solutions."
Paul Blackwell, managing partner of Modular Rental Solutions, said: “We are excited to take this business to the next level with Red Sea Housing. The footprint and operating facilities of Red Sea Housing further strengthens the experience of Modular Rental Solutions in this arena.”
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