Arriyadh postpones final delivery of Atiqa market project to Q4-2016

24/11/2015 Argaam

Arriyadh Development Co., a real estate developer in Riyadh city, said that it has postponed final delivery of its Atiqa Central Fruits & Vegetables Market project in Riyadh to the fourth quarter of 2016.

 

The project to develop and operate the market was scheduled to be delivered on Nov. 25, 2015, but the discovery of a large floods drain canal made design changes to the infrastructure necessary, the developer said in a filing to the Saudi bourse, Tadawul.

 

Arriyadh Development also said the project’s second stage—representing 30 percent of the total market area— would be delayed as a part of it has been allocated to Riyadh public transportation project.

 

The developer said it expects the first stage of the project to be delivered in the Q1- 2016 while the second and final stage will be finalized by Q4-2016.

 

The delay in project completion is not expected to affect the contract financially, Arriyadh added in its filing.

 

The company signed the contract with Saudi Construction Co. in Nov. 2013 to develop the fruit and vegetable market, for a value of SAR 242 million and a term of 24 months.

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