Al-Akaria inks SAR 284.9 mln contract with subsidiary

Saudi Real Estate Co. (Al-Akaria) signed on Nov. 15 a SAR 284.9 million contract with Saudi Real Estate Construction Co. (Tamear), one of its wholly owned subsidiaries.

The 24-month contract aims to execute civil, construction, architectural, electromechanical, and external works for the residential complex in the Diplomatic Quarter (Reef Project), Al-Akaria said in a statement to tadawul.

The financial impact will appear in the financial statements starting from the fourth quarter of 2023.

No related parties are involved, the statement added.

Source : Argaam