Mubasher: Al Imtiaz Investment Group on Thursday revealed that its 87.5%-owned subsidiary Al Dar Engineering and Contracting was awarded a KWD 24.75 million ($81.95 million) contract.
The near 27-month deal entails the construction and maintenance of public buildings as part of Al Wafrah residential project, which is affiliated to the Public Authority for Housing Welfare, a statement by Al Imtiaz to Boursa Kuwait showed.
The contract is set to be completed within 800 days or around 27 months, the company added.
It is expected that Al Dar Engineering’s profit margin from the deal will range between 2% and 4% from the total value of the tender, Al Imtiaz said, noting that this estimate may change depending on the project’s progress.
Last month, Al Dar Engineering and Contracting announced winning a five-year tender from the Kuwait Petroleum Corporation (KPC) for KWD 22 million.
Al Imtiaz’s stock closed Thursday up 1.8% to 170 fils.
