Dur signs SAR 82.5 mln contract to construct residential compound in Riyadh

Logo of Dur Hospitality

Dur Hospitality Co. inked a SAR 82.5 million contract with Al Marshad Contracting Co. to construct a luxurious residential compound in Riyadh, according to a bourse filing.

Under the agreement, the contractor will undertake the construction, finishing and electromechanical works at the site.   

The contract will extend for 18 months and will be financed via Shariah-compliant Tawaruq credit facilities.

The residential compound will be built on a 30,000 square meters (sqm) land plot owned by the company, and it will feature 75 quality and smart villas, in addition to the landscape areas according to the latest state-of-the-art specifications. 

The project will be characterized by its close location to the northern gate of the diplomatic quarter in Riyadh, and to the premises of some major government authorities and departments. 

The relevant financial impact will appear as of Q3 2023, and the contract included no related parties, the statement added.  

The agreement underpins the company’s expansion strategy in the development of quality residential and hotel projects, and the overwhelming turnout for the deluxe residential units in Riyadh, in line with the objectives of Saudi Vision 2030.