Red Sea International Company has announced an increase in its facilities from Saudi Awwal Bank (SAB).
| Element List | Explanation |
|---|---|
| Introduction | "Red Sea International Company has announced the signing of an Islamic financing agreement to increase its banking facilities with Saudi Awwal Bank (SAB) by SAR 40,000,000 (Forty Million Saudi Arabian Riyals).
This increase raises the total value of the facilities to SAR 49,000,000 (Forty-Nine Million Saudi Arabian Riyals). The amendment modifies the previous agreement dated May 1, 2025, which was initially set at SAR 9,000,000 (Nine Million Saudi Arabian Riyals).
The purpose of this amendment is to support the financing of the company's working capital." |
| Date of obtaining the funding | 2025-08-11 Corresponding to 1447-02-17 |
| Financing entity | Saudi Awwal Bank (SAB) |
| Financing amount. | SAR 49,000,000 |
| Financing duration. | Six months from the utilization date |
| Guarantees offered for the financing | "1-Promissory Note: SAR 49,000,000 /- signed by Red Sea International.
2- Guaranteed by Al Dabbagh Group Holding Company Ltd" |
| Financing objective | The purpose of these facilities is to finance the company's working capital. |
| Related Parties | Al Dabbagh Group Holding Company Ltd |
| Additional Information | It is worth noting that Red Sea International (RSI) is a leading Saudi company in the field of providing model solutions and building high-quality administrative and residential complexes and field hospitals in very short periods of time and creating the necessary infrastructure for various sectors, in addition to operating these complexes and providing all living requirements for guests. This includes electrical power, clean water, food supply, and wastewater treatment. The company uses high-quality local products and manufactures modular units in local, regional, and global manufacturing facilities to meet the housing, catering, and food service requirements of various strategic projects, especially those initiatives that form part of the Kingdom’s Vision 2030. |
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