Company Profile

Company overview

The core business of RSH and main source of revenue is derived through providing housing solutions in remote locations for local and international clients in Oil & Gas, and Mining industries, which include rental of properties and sale of housing units; and enable them to relocate their workforce to designated sites such as oil fields and gas plants. The company uses products manufactured in its facilities to reach the quality aspired by its customers. The company is also specialized in the production of Water Treatment Plants and Waste Treatment Plants, in addition to providing Power Plants to ensure that all elements are qualified to deliver the projects according to the specifications, free of defects and on the agreed time. The first manufacturing facility for the company is located in the city of Jubail in Saudi Arabia. In addition, the company has two other manufacturing facilities located in Jebel Ali, Dubai, and UAE; and in Accra, Ghana. The facilities have a total production capacity of 770,000 square meters per year. Red Sea Housing also generates revenue from Property Management, which falls into two main categories: Fixed Compound Accommodations such as the Desert Palms Compounds and Hotels located in Yanbu and Jubail, Saudi Arabia and Hassi Messaoud, Algeria. These are designed to be semi-permanent facilities. They are built, owned and operated by Red Sea Housing for the purpose of housing senior and junior staff in districts where quality accommodations are in short supply. In addition to supplying residential and office needs, our compounds include restaurants, recreation facilities, security services, entertainment and dependable communications facilities. Remote site accommodation solutions that are leased to customers for a specific period of time. It can be fully managed by the Company if requested by our clients. These are generally purpose-built facilities with all services provided by a team of professional workforce. The Company operates and maintains the facility over the course of the lease and upon expiration of the contract we remove all the buildings and infrastructure, salvaging whatever can be relocated. The buildings and equipment are refurbished and sold or held in inventory until a new lease is secured to start the cycle over again.

Company History

In 1976, the Company started its activities in the Kingdom of Saudi Arabia in Jeddah. It continued to expand its operations and the legal entity was changed to a Limited Liability Company in 2003. Eventually, it was transformed to a Common Stock Company in 02/09/1427H corresponding to 25/09/2006 through public offering of 30 percent (9 million shares) of its share capital of SAR 300 million. The shareholders have approved through the EGM that was convened on 26/05/1433H corresponding to 18/04/2012 to increase the share capital to SAR 400 million through rights issue, which resulted in the increase of the total number of issued shares from 30 million to 40 million shares.

Company Bylaws

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Equity Profile

Investment limits

There are no investment limits on the company's shares as per the amended Rules for Qualified Foreign Financial Institutions Investment in Listed Securities and Instructions for the Foreign Strategic Investors Ownership in Listed Companies based on issued instructions by the related regulators and supervisory authorities