Arriyadh Development Co.’s second phase of Otaiqa Central Market project has faced delays and difficulties related to extending the infrastructure grid, and is now expected to be completed in the second quarter of 2017 instead of the fourth quarter of 2016, the company said in a statement to the bourse, Tadawul.
There was no additional cost expected, it added.
In November, 2013, the company signed a SAR 242 million contract to develop Otaiqa Central Market within 24 months. Under the contract, Arriyadh would add 1,320 stores, 16 showrooms, and car parking areas.
The company was scheduled to complete the project on Nov. 26, 2015, but due to difficulties the first phase of the project, which represents 70 percent of the total work, was rescheduled to be completed in the first quarter of 2016.
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