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Qatar: Red Sea hits further problems

A project to build housing for 4,000 workers in Qatar has run into trouble, due to financial problems at the local Daruna for Real Estate Company. The accommodation is due to be built by Red Sea Housing Services Company (RSHS), a Saudi Stock Exchange (Tadawul)-listed specialist in low-cost housing. A QR144m ($40m) contract was signed early last year, with the project to be financed from existing bank facilities and internal cash flow. However, on 1 February RSHS said the scheme had been delayed “due to certain financial challenges that Daruna for Real Estate Company is facing in regards to securing the required financing”.

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