Red Sea Housing Faces Charges in Algeria, al-Watan Reports

April 19 (Bloomberg) -- Red Sea Housing Services, a Saudi Arabian company providing ready-made housing units for the oil industry, is facing charges in Algeria after the authorities there accused the company of violating investment laws, al-Watan reported.

The investment authorities said the Algerian unit of the Saudi company provided many services that are not included in the company’s investment license including financing and catering services, the newspaper added.

The first court hearing will be on April 28, al-Watan reported.

Link to Company News: {REDSEA AB <Equity> CN <GO>}

To contact the reporter on this story: Wael Mahdi in Jeddah wmahdi@bloomberg.net

To contact the editor responsible for this story: Maher Chmaytelli at mchmaytelli@bloomberg.net