Red Sea Housing recommends company pays earnings per share prior to Annual General Meeting 2008

Red Sea Housing has also announced its invitation to shareholders to attend the Annual General Meeting (AGM) being held at the Intercontinental Hotel in Jubail on Saturday the 19 April 2008.

Dr. Majed Al Kassabi, Red Sea Housing's Chairman stated that the recommended dividends are based on the results of revenues for the fiscal year ending 31 December 2007, which increased by 77.7% from 2006, totaling final earnings of SR690m by the end of the year.

'We had a successful 2007 in terms of company growth and business development, and increased shareholders' equity from SR456.871m to SR528.6m. Furthermore, we increased the return on equity from 19.6% up to 22.2%, marking an excellent year for company shareholders,' commented Don Sumner, Red Sea's CEO.

'In 2008 we will concentrate on increasing our production capacity and human resources to meet the growing regional demands for our products and services. To date, we have successfully recruited new key employees that will be responsible for strengthening and growing our business alongside our tenured management team.

'We currently have a 3000-strong workforce situated in our operations throughout the region, with the entire staff of Red Sea Housing committed to making 2008 even more profitable for all stakeholders,' concluded Sumner.