Red Sea Housing Services, (Tadawul: 4230), a leading manufacturer of remote site housing solutions, announced today its formation of a subsidiary company in Libya in response to increased demand for Red Sea’s products and services across the country and throughout the North Africa region.
Once the new subsidiary company is established, Red Sea will go on to construct a new manufacturing facility in Libya, which will add some 300,000 square meters of capacity to the existing three facilities which currently are located in Saudi Arabia, United Arab Emirates and Ghana, and will increase total production capacity by 37.5%; at an expected cost of 61 million SAR.
“Our company has recently witnessed a period of rapid expansion in a number of strategic markets around the region including Libya, which has prompted us to further develop our manufacturing capabilities in these local markets,” explained Don Sumner, Managing Director of Red Sea Housing Services.
“Needing to grow the scope and scale of our business and manufacturing activities is testament to our success and solid reputation in these markets, which has resulted in a number of repeat orders in the country over the last 15 years. The announcement of our new operations falls inline with our company’s expansion plan, and we look forward to delivering quality accommodation to an even greater number of organizations and projects around the region in due course.”
The company plans to start in operation by the end of December 2008 and the factory will be ready for production by the end of June 2008 and will be fundamental in allowing Red Sea to meet future obligations to it’s stakeholders.