Saudi Real Estate Company (Al Akaria) on Monday, 25 September signed a SAR 10.9 million ($2.9 million) agreement with Tecnica Y Proyectos S.A. (TYPSA) to design a mixed-use hotel complex.
The project will be located in North Ring Road in Al-Aqeeq, Riyadh, and the project will be implemented in 4-month period, according to a statement to the Saudi Stock Exchange (Tadawul).
The project will be self-financed from the firm’s resources, and its financial impact will appear in the financial results of third quarter for 2017.
The new contract will replace an agreement which was signed on February 2016 with KEO International Consultants.
The contract was cancelled after KEO failed to change the agreement’s scope.
Al Akaria’s stock decreased 1.17%, closing at SAR 20.32 on Monday.