Al Akaria signs SAR 192M contract for residential complex in Riyadh

Saudi Real Estate Co. (Al Akaria) signed a SAR 192 million contract with Rezaik Algedrawy for Contracting Co. for the construction of the residential complex Fai Sedra 1 in Riyadh's Sedra district - Roshn.

The residential complex will include 135 villas ranging in size from 250 to 600 square meters on a land area of 43,468 square meters, according to a statement to Tadawul.

The contract term is 24 months, said the company, adding that it covers the execution of civil, structural, architectural, and electromechanical works for Fai Sedra 1, as well as the completion, maintenance, and remedy of any defects.

The related financial impact will reflect on financial statements as of Q4 2023, the company added, noting that there are no related parties.