Red Sea Housing Company announce results of 2008 Annual General Meeting

Board members, company officials and shareholders discussed and agreed upon recommended dividends for the end of the fiscal year and other key decisions:

1. Approval of the Board of Directors' report to shareholders for the fiscal year ending 31 December 2007.

2. Approval of the auditors' report and the audited financial statements for the fiscal year ending 31 December 2007.

3. The appointment of Al Juraid and Company (a member of Price Waterhouse Coopers) as the auditor for Red Sea Housing Services for the fiscal year 2008, as selected from the list provided by the auditing committee.

4. Discharging the members of the Board of Directors for the fiscal year ending 31 December 2007.

5. Approval of the distribution of 2007 profits, as per the recommendation of the Board of Directors. Each shareholder will be entitled to dividends of SR2 per share, as of the end of trading on the day of the meeting - Saturday April 19. The date of the profit distribution will be announced at a later date.

6. Approval of the appointment of Mr. Farid Hassan Khoja to replace Mr. John Parry as a member of the current Board of Directors.

Dr. Majid Al Kassabi, Chairman of Red Sea Housing commented,

"We have witnessed a very successful 2007 including increasing shareholders' equity and offering an excellent dividend return rate for company shareholders. Throughout the course of the next year, we look forward to increasing our production capacity and human resources to ensure that 2008 will deliver even more success for all employees and board members, and ensure that the next year is even more profitable for all shareholders."