Saudi Airlines Catering Co. said in a bourse statement today that the estimated cost of its residential complex in Dahban, Jeddah reached SAR 200 million.
The project had been endorsed by the board of directors on Feb. 12, 2011. However, the company said construction work will be started later.
The residential complex will be financed from operating cash flow, and is set to be completed on December 31, 2017. Pilot operations will start on September 1, 2017, and commercial operations will begin on August 1, 2018.
to reflect positively on the company’s cash flows, given lower staff rents in mid-2018, and higher revenue from non-employee rents by end-2018.
Saudia Real Estate Development Co., an affiliate of Saudi Arabian Airlines Co., will be responsible for the project’s engineering designs.
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