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Red Sea International boosts Al-Ahli Saudi facilities by 115%
The Red Sea International Company announced an increase of 115% in the value of the financial facilities granted to it by the National Commercial Bank of Saudi Arabia, reaching 430.78 million riyals after amending a previous financing agreement of 200 million riyals. The purpose of these facilities is to issue final guarantee letters and an advance payment, in addition to financing a regular documentary credit, with guarantees exceeding 430 million riyals that include bonds and personal guarantees from several individuals and companies. The company, established in 1976 and engaged in developing residential complexes for the oil, gas, and mining sectors, is one of the leading firms in providing housing for industrial projects both within Saudi Arabia and abroad.
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