Riyadh – Mubasher: The Saudi Real Estate Company (Al Akaria) obtained on Thursday the building permits to build 21 housing units in the Diplomatic Quarter in Riyadh, with an estimated value of SAR 62 million.
Al Akaria will construct 21 buildings over a total land space of 14,880 square metres. The project is expected to be completed in 25 months from the date of singing.
The company expects the project to have a positive impact on the company’s results, cash flow and operating revenues, according to a bourse filing on Monday.
The real estate company noted that the project's land is leased from the High Commission for the Development of Arriyadh for 50 Hijri years.
Moreover, Al Akaria signed on Monday works contract with Fahaf Saad Aldrees & Sons for consultancy and real estate development for the project of Al Narjes District in Riyadh at a value of SAR 1.8 million.
The company noted that the period of the contract is 105 days starting from the signing date. The financial impact of the contract will appear on the company's financial statement starting from the fourth quarter of 2016.
