Riyadh-Mubasher: Red Sea Housing Services Co. signed on Sunday a contract with Daruna for Real Estate Co. to construct an integrated accommodations community for workers in Qatar, the company said in a statement to Tadawul.
Construction work on the QAR 144.07 million project will start on 28 February.
The project will be financed from existing bank facilities and internal cash flow, the statement added.
The Saudi developer expects to complete the project on 24 July 2017.
The relevant impact will be reflected in the company’s financials starting from Q2-16.
The project includes the construction of infrastructure to support the utility requirements for the community, which will accommodate more than 4000 tenants. The community’s facilities include accommodation blocks, indoor and outdoor recreation, mini-markets, police/security station, bank, clinic and other miscellaneous outlets.
