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Red Sea Housing soars on billion-riyal investment program

The Saudi Stock Exchange remained buoyant Monday, despite a slight setback in oil prices. The Tadawul All-Share Index gained 0.8% to close at 6,822.86 points. The surge was broadly supported as 112 out of 154 traded symbols advanced, while 29 declined. Red Sea Housing Services Company jumped three percent, finishing at SR30.90. Earlier in the day the company said that "the Board of Directors has approved the growth strategy to develop the company's activities for the period 2012 to 2020 and increase its global market share. The company is expected to invest a total of SR2bn to implement the strategy." The program consists of the following three initiatives: 1) Expanding the current business of the company, which involves providing housing solutions in remote areas, and enter in to new geographies such as Australasia, South America and North America. 2) Enter the affordable housing sector to serve the Kingdom of Saudi Arabia and other cities around the world. 3) Invest in the building and construction materials.