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Dubai-listed International Financial Advisors Company (IFA) said that one of the subsidiaries of an associate company will build staff housing accommodation in Saudi Arabia.
Domus Building Management Company, a Dubai-based subsidiary of IFA Hotels & Resorts, has entered into a partnership with Saudi Rikaz Real Estate Company to develop buildings to accommodate 10,000 employees as part of the 'The Node' project in Riyadh, IFA said in a statement to the Dubai Financial Market on Monday.
The accommodation will be developed on an area of 93,000 square meters (sqm).
The cost and construction timelines for the project were not disclosed.
The Node, the mega logistics park project, is spread over an area of 3 million sqm and is being developed at a total investment of 1.1 billion Saudi riyals ($293 million). It houses Grade A warehouses. The project is financed by Alinma Bank and Alinma Investment Company.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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