Dur Hospitality Company announces the signing of a Letter of Award with Sulaiman Sawyeh Group (SSG) on 01 January 2017 to start constructing the Fifth Phase of Darraq project with a cost of SAR (22,064,744), this project is consisting of (9) Apartment Buildings that hold (36) luxurious apartments, and it would be constructed on a number of leased lands from the Arriyadh Development Authority (ADA) which are situated in the Diplomatic Quarter in Riyadh City with a total land area of (4,765) square meter, and the project construction period would last for (18) Gregorian months starting from the signing of this LOA.
This project comes in line with the Company strategic transformation plan that is targeting to expand with the development of hotels and luxurious residential compounds, and it is expected that the financial impact of this project would start during the fourth quarter of 2018, also this project would be financed from both the internal resources of the Company and bank loans, and it is worth mentioning that SSG is not a related party to the Company.
