PHOTO
Photo for illustrative purpose only. Al Khobar Water Tower, located on Al Khobar Corniche, in the eastern province of Saudi Arabia.
Saudi-listed Retal Urban Development Company announced on Monday that Remal Al Khobar Real Estate Company, a 50 percent-owned joint venture, has signed a 450 million Saudi riyals ($120 million) contract with Specialised Construction Company to carry out finishing and MEP (Mechanical, Electrical, and Plumbing) works for the Retal Rise residential project and Nobu Hotel in Al Khobar.
Retal Rise is a 129-unit residential development and Nobu Hotel Al Khobar is a 101-room luxury hotel with 62 serviced residences, managed by Nobu, along with the Nobu Restaurant and Café.
The contract is set to be executed within 15 months from the effective date, Retal said in a stock exchange statement.
Remal Al Khobar Real Estate Company is 50 percent owned by Retal, while Specialized Construction Company is 40 percent indirectly owned by Retal.
The statement said there are no preferential benefits granted under the agreement between the two entities.
(Writing by Majda Muhsen; Editing by Anoop Menon)
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