Saudi Real Estate Co. (Al Akaria) signed on Monday a contract worth SAR 10.9 million with Tecnica Y Proyectos S.A. (TYPSA) to design a mixed-use hotel complex in Al-Aqeeq, Riyadh.
The development process will take four months, the company said in a bourse statement.
Al Akaria added that it expects the financial impact of the project to show in Q3 2017.
The complex will be financed from the company’s resources, the statement said.
The contract replaces a deal worth SAR 26 million, which was inked in February 2016 with KEO International Consultants.
The 39-month deal was scrapped as KEO failed to change the scope of the contract.
No related parties are involved in the project, the statement added.
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