Al Khozama Management Co. – in which Tadawul-listed Aseer Trading, Tourism & Manufacturing Co. owns a 5 percent stake – has awarded Italy’s Salini Impregilo a SAR 1.1 billion contract to develop the Al Faisaliah project in Riyadh.
The construction group will expand the Al Faisaliah Mall by 16,000 square meters at a cost of SAR 200 million, the company said in a statement on Sunday.
It will also develop other hotels and commercial offices, and renovate the Al Khozama five-star hotel.
Aseer’s board of directors in 2007 approved acquiring 10 million shares, or a 5 percent stake, in Al Khozama for SAR 180 million.
The hospitality services provider’s portfolio includes leisure resorts, hotels, and retreats in religiously significant locations.
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