Soliman Al Sowiah Group implements the 4th phase of Darraq project at a total cost of SAR 117.8m

Dur Hospitality Company, previously known as Saudi Hotels & Resort Areas, appointed Soliman Al Sowiah Group to implement the fourth phase of Darraq project in Riyadh at an estimated cost of SAR 117.8m.
 

The project occupies a total area of 43,000 Sq m rented from the High Commission for the Development of Arriyadh and consists of 45 villas and 10 apartment buildings; the company said in a filing to Tadawul.

The company added that the project is expected to be delivered in 18 months and will be financed from its internal resources in addition to some credit facilities.

The financial effect is expected to be reflected on Q3-2016’s financials.