Red Sea Housing says KAEC staff housing project faces delays

Red Sea Housing Services Company said on Tuesday that it has not completed development and construction work at the Rabigh-based staff housing camp, which is for employees of King Abdullah Economic City (KAEC), due to changes in design and specifications of the project.

The company said it first needs to ensure that such changes comply with the requirements of relevant authorities, as well as Emaar Economic City. It added that it will have to re-evaluate financial impact of the latest delays.

“The study will explore all available options to optimize the future profitability of the company,” the company said in a statement. “The outcomes of this study will be finalized before the announcement of the financial results for Q2-2015.”

Red Sea said it will disclose all information pertaining to financial impact, progress, expenses incurred, and the expected date of completion as soon as such details become available.

Housing Complex - Jazan