Red Sea Housing Services Company has announced the appointment of Amr Abdullah Al-Dabbagh as chairman of its board for the remaining period of the current cycle. As per the board resolution on Monday, the resignation of Mohammed Tariq Abbadi was approved.

The board expressed its sincere gratitude and appreciation to Ibrahim Al-Madhoun for his contribution to the prosperity of the company during the period he chaired the board and wished him success and prosperity in his future endeavors.

During its meeting on Monday, the board of directors of the company approved the growth strategy to develop its activities for the period 2012-2020 and increase its global market share. The company is expected to invest a total of SR 2 billion to implement the strategy, which focuses on the following main pillars: Expanding the current business of the company that involves providing housing solutions in areas like oil, gas, and mining excavation activities; enter into new geographies, such as Australasia, North and South America; enter the affordable housing sector to serve the Kingdom and other cities around the world; and invest in the building and construction materials sector.

The growth strategy will be financed through the company's operating cash flows and through banking facilities.

The implementation of the strategy aims at achieving a sizeable expansion in the managerial and organizational structure of the company through the appointment of numerous specialized personnel and the formation of subsidiaries to complement the expansion.

The company, which manufactures and sells pre-manufactured housing units, has achieved strong financial results during 2012. Its profits have increased to SR 62.3 million (SR 1.55/share) during the first half of the year compared to SR 53.6 million during the same period of last year, representing a 16 percent increase.

The company was established as a publicly traded entity in Sept. 25, 2006, with a core business of providing housing solutions in areas like oil, gas, and mining excavation activities. The company has three factories located in Jubail, Jebel Ali in Dubai and Akra in Ghana. The company aims at inaugurating its latest factories in Libya to support its current production capacity and provide comprehensive services to the North African region. Operations in the Libyan factory are expected to begin during the fourth quarter of this year. The company also has subsidiaries in Ghana, Algeria, Qatar, Nigeria, Dubai, Papua New Guinea, and Libya. It has been executing projects in 62 counties around the world.