Saudi Arabia’s leading hospitality company, Dur Hospitality has awarded a $22 million (82.5 million Saudi riyal) worth contract to Al Murshid Contracting Group for the construction of a luxury residential compound in Riyadh.
“The 18-month contract covers construction, finishing and electromechanical work on 75 “smart” villas located near the northern gate of the diplomatic quarter in Riyadh and close to some of the major government authorities and departments,” Dur Hospitality said in a filing to the Saudi stock exchange (Tadawul).
The company further stated that the expected positive financial results of the project will start from the third quarter of 2023.
According to Dur Hospitality, the luxury villas project would be financed by Islamic credit facilities known as Tawarruq. The construction will take place on the company’s site on King Khalid Road in Riyadh.
Saudi Arabia is developing a strategy to turn Riyadh into a significant global city economy by 2030. The authorities will finalize the Riyadh 2030 development strategy next year, as per the reports.
According to the previous statement from the Royal Commission for Riyadh City, “The kingdom plans to make the capital one of the top 10 city economies in the world by 2030, by doubling its population to 15-20 million people and boosting the number of tourists to more than 40 million.”
Dur Hospitality
Established in 1976, Dur Hospitality (formerly known as the Saudi Hotels & Resorts Company SHARACO) is a publicly listed company. It became one of the first companies to introduce five-star hospitality services in Saudi Arabia and now owns, manages, and operates a large portfolio of hotels and modern residential properties across the Kingdom.
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