Saudi-based Asas Makeen Real Estate Development and Investment Company has announced that it has signed a SAR300 million ($80 million) contract with Tashyeed Hayat Contracting Company to carry out construction work on several of the company's projects in Riyadh.
The land area to be developed is approximately 65,000 sq m, said Asas Makeen Real Estate Development and Investment Company in its filing to Saudi bourse Tadawul.
This contract comes within the framework of the company's Saudi developer’s strategy to expand into residential and commercial real estate projects, in accordance with approved technical specifications and on a turnkey basis.
The entire contract work will be completed within a 18-month period, it stated.
On the financial impact, Asas Makeen said this contract is expected to have an impact on financial results during the execution period, but the value of this impact depends on the volume of work and the actual cost.-TradeArabia News Service
