Hamad Bin Saedan signs SAR 33.5M contract to build logistics warehouses

The 18 warehouses will be constructed over an estimated area of 29,090 sqm

Hamad Mohammed Bin Saedan Real Estate Co. signed on Dec. 10 a contract with Lamsat Injaz Contracting Co. (a single-person company) to develop a logistics warehouse project in Al-Nazim district, valued at SAR 33.46 million, excluding value-added tax (VAT).

In a statement on Tadawul, the company said the agreement includes the construction of 18 warehouses, measuring 12 meters in height and totaling 40,250 square meters (sqm).

The scope of work covers civil works, finishing works, as well as electrical and mechanical installations, in line with the highest technical and engineering standards.

The warehouses will be constructed over an estimated area of 29,090 sqm, with the possibility of upward or downward adjustment based on actual progress during the implementation phase.

The contract duration is 11 months, the statement said, expecting the relevant financial impact to be reflected upon the project’s completion through rental revenues.

According to data compiled by Argaam, Hamad Bin Saedan awarded the warehouse development project to Lamsat Injaz Contracting Co. last November.