Saudi Real Estate Co. (Akaria) has signed a contract worth SAR 115.78 million to construct a residential complex, the company said in a statement to Saudi bourse Tadawul.
The contract was signed with Akaria’s 60 percent-owned subsidiary, Saudi Real Estate for Development.
The project, which will be completed in 24 months, will comprise 162 housing units.
The complex will be financed through internal funds and a loan secured from Public Investment Fund (PIF)
The relevant financial impact will appear on earnings of Q1 2017, Akaria added.
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