Riyadh – Mubasher: Red Sea Housing Services announced concluding an agreement with Petromin Corporation to take over a lease agreement of a 193,917 square metre piece of land in King Abdullah Economic City (KAEC).
As per the signed agreement, the company will construct a factory specialized in the manufacturing of prefabricated housing units, according to a bourse filing on Sunday.
The company will pay SAR 19.2 million on equal annual instalments of SAR 1.16 million over 16.5 years, starting in 2017.
The contract is subjected to commencing the operation at Rabigh, so that Petromin would be able to do Roll-on/ Roll-off (RoRo) through the port, the statement said.
