Saudi Arabia's View United Real Estate Development Company has signed a SAR164-million ($43.69 million) contract to develop a residential tower in Al-Nakheel district, King Fahd Road in Riyadh.

 

The SAR164-million contract was signed with Shams Holding Company. The contract duration is 30 months from the date of commencement of construction works, said a company filing on the Saudi Stock Exchange.

 

The project is expected to have a positive impact on revenues of the company immediately after the start of implementation operations after obtaining the necessary approvals and licences, it said. Related parties to the contract are Wavz Real Estate Development Company and Anyar Real Estate Development Company. -TradeArabia News Service