Saudi Arabian modular housing manufacturer Red Sea International has finalized a 392.2 million riyal ($104.3 million) Shariah-compliant credit facility with Riyad Bank to support its operations and expansion.
Purpose of the Facility
The three-year financing agreement will specifically fund the construction of a staff camp, aiding the company’s projects across real estate and industrial sectors. The facility is backed by a promissory note valued at SAR 397.2 million, signed by Red Sea International.
Red Sea International specializes in prefabricated modular buildings, catering to a diverse range of industries, including real estate and construction. The company’s solutions are designed to meet the growing demand for efficient and cost-effective infrastructure development across the region.
With this new funding, Red Sea International is well-positioned to strengthen its role as a key player in the Middle East’s rapidly evolving construction sector.
