Hamad Bin Saedan inks contract for Riyadh project at SAR 16.97M initial value

04:17 PM (Mecca time) Argaam- Nomu
Logo ofHamad Mohammed Bin Saedan Real Estate Co.

Logo of Hamad Mohammed Bin Saedan Real Estate Co.

Hamad Mohammed Bin Saedan Real Estate Co. signed a development management contract for a commercial real estate project in Tuwaiq District, Riyadh, at an estimated initial value of SAR 16.97 million.

 

In a statement to Tadawul, the company explained that the 18-month contract covers all phases of project execution.

 

Under the deal, Hamad Bin Saedan will manage the design and implementation of the 16,001-square-meter commercial project, in exchange for 10% of the development costs (VAT exclusive).

 

According to the statement, the project is expected to have a positive impact on the company’s financials upon commencement of project execution works.

 

The company also noted that Hamad Mohammed Bin Saedan is a related party.

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