Saudi Hotels Co. Awards the Future Homes Contract to Azmeel Contacting Co.

10/01/2012 Argaam

Saudi Hotels & Resorts Co. would like to inform the respectable shareholders that it has accepted to award a contract to Azmeel contracting Co. for the third phase of the project of Future Homes. The cost of the contract will be SR (131,800,000) with execution period of (18) months, we are in the process of signing the contract and the contractor will start working immediately. 
The company has two options to finance this project: 
1- internally from the company resources or 
2- obtain finance from outside financial institutions 
This phase includes construction of (125) various size housing units inside diplomatic Quarter in Riyadh, which will meet the needs of a community segment who are looking for housing within the district with all the special services, The project will, Insha Allah, produce a good return on investment for the company.

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