Saudi Real Estate Co. (Al-Akaria) signed on Wednesday a contract to build 21 residential buildings in Riyadh’s Diplomatic Quarter at a total value of SAR 66.9 million, Akaria said in a statement to the Saudi bourse.

 

The contract was signed with Akaria’s 60 percent-owned subsidiary, Saudi Real Estate for Development.

 

The project construction will take 18 months, starting from the site delivery date.

 

Al-Akaria added that it expects the relevant financial impact to show on Q1-2017 earnings.

 

In October, Al-Akaria received a permit from Arriyadh Development Authority (ADA) to build 21 residential buildings on a total area of 14,900 square meters in Riyadh.

 

Al-Akaria, which was established with SAR 100 million in capital, is also 40 percent owned by Turkey’s Kaya Homes.

 

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