Red Sea affiliate wins SAR 75m project in Papua New Guinea

20/02/2014 Argaam

Red Sea Housing Services Company announced that its affiliate in Papua New Guinea signed SAR 75m agreement with the Guinean government to implement housing project for the police personnel in Port Moresby city.

The project includes 150 residential units and occupies an area of 70,000 m2. The construction work is to start in 2 weeks after signing the final agreement and expected to be completed in10 months.

The project is to be financed by the company’s cash flows along with bank facilities from local banks.

The financials effect of this project is to be realized starting from Q1 of 2014.

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