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FINANCIAL NEWS
Saudi Red Sea set to start USD16m labor camp
13 Jul 2013
(MENAFN) Saudi Red Sea Housing Services Company is set to start construction works for phase 1 of a USD16 million industrial labor camp in Jazan Economic City (JEC) by the first quarter next year, Arab News reported.
The move comes after the firm got the green light from the Economic Cities Authority (ECA).
The project will have a 188,999 sqm construction area and is expected to have a maximum capacity of 10,000 residents. Phase 1 is slated for completion by the second quarter of next year.
The project will include high quality housing units for senior staff, junior staff, and workers, with a continuous supply of electricity and fresh water and an array of entertainment amenities, recreational facilities including swimming pools and play courts, laundry and catering services.
The new labor camp at JEC will be financed through Red Sea Housing’s own cash, in addition to credit facility lines and bank loans that will be arranged locally.
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