Al Naqool completes issuance of building permits for north of Riyadh project

Logo of Mohammed Hasan Al Naqool Sons Co. 

Mohammed Hasan Al Naqool Sons Co. stated in a bourse filing that it completed the issuance of building permits from Riyadh Municipality for its project at Al-Malqa district, north of Riyadh.

The project’s engineering and construction plans were previously completed, and the construction work began immediately after the building permits were issued.

The project will be entirely completed during the third quarter of 2022.

The company noted that there is no change in the project’s cost estimate, adding that the project is expected to have a positive impact on 2022 financial statements.

In July 2021, Al Naqool purchased a land plot, located in Riyadh, for SAR 15.9 million. The land, which spans 3,990 square meters (sqm), will be used in a residential real estate project and will be developed by Al Naqool’s 100%-owned subsidiary, Deer Real Estate Co., according to data compiled by Argaam.