Saudi Al-Akaria Awards $30.87 mln Construction Contract for Residential Project
March 02, 2017
Saudi real estate developer Al-Akaria on Wednesday said it has awarded a 115.78 million Saudi riyals ($30.87 million) construction contract to Saudi Real Estate Construction Company, its majority-owned joint venture with Turkey's Kaya Homes for a residential project in Riyadh.
The project is located in the Narjis district of Riyadh and involves the construction of 162 residential units over an area of 37,000 square meters, the company said in a statement to Saudi stock exchange Tadawul.
It said the project will be financed with a loan from the Public Investments Fund and the company's own funds. The project is scheduled to be completed in 24 months, the statement added.