Saudi Arabian modular house manufacturer Red Sea International has secured a 392.2 million riyal ($104.3 million) Shariah-compliant credit facility with Riyad Bank.

The three-year financing is meant to support the construction of a staff camp. 

The facility is covered by a promissory note worth SAR 397,215,000 signed by Red Sea International.

Red Sea International provides prefabricated modular buildings for various real estate and industrial sectors.

(Writing by Cleofe Maceda; editing by Brinda Darasha)