Red Sea shareholders ratify contracts for leasing part of Rabigh land

Logo of Red Sea International Co.

Red Sea International Co.’s shareholders approved the contracts concluded between the company and former board member Saleh Mohammed Awad bin Laden during the ordinary general meeting (OGM) held on Aug. 16.   

 

The contract was related to leasing a part of the land plot in Rabigh governorate to build a residential complex for employees, the company said in a statement to Tadawul.   

 

Saleh bin Laden has direct interest in the deal, but his board membership ended on May 9, 2021.

 

Red Sea said that the annual rent stands at SAR 883,390, noting that no preferential terms were granted. 

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