Red Sea Housing subsidiary inks MoU to implement housing project

Red Sea Housing Services Co., a Dubai-based fully owned subsidiary of Red Sea International Co., has signed on Saturday a memorandum of understanding with AECOM Middle East Ltd. to cooperate on implementing housing projects in Saudi Arabia, the Saudi listed company said in a bourse statement Sunday.

Under the MoU, AECOM will carry out project management, master planning, sustainability and energy conservation, infrastructure design, buildings & landscaping design, modular construction solutions, cost consulting and value engineering services.

“The main objective of this 12-month MOU is to explore housing opportunities presented by the Saudi ministry of housing and identify ways to deliver innovative affordable housing solutions, that meet the expectations of stakeholders, and can be delivered on fast track basis”, the statement added.

There is no material financial impact at this point in time from signing the MOU.

AECOM is a Fortune 500 design firm that provides professional technical services in the fields of engineering, consulting, planning, architecture, construction management, project management, asset management, and environmental services, according to the company’s statement.