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Saudi Real Estate Company (Al Akaria) has signed a 3.79 million Saudi riyal ($1 million) contract with First Nile Company for excavation, fencing and site preparation at the Al Yamamah Compound in Diplomatic Quarter, Riyadh.
The work will be completed in four months, the developer said in a statement to the Saudi stock exchange. In addition, the cost will be capitalised as part of the project cost.
The project, located on 39,000 square metres of land owned by the Royal Commission for Riyadh City, will house residential villas and apartments, as well as commercial spaces, according to its board of directors report for 2021.
(Writing by D Madhura; Editing by Anoop Menon)
