Saudi-based developer Dur Hospitality Company has announced an SAR 82.5 million ($22 million) contract with Al Murshid Contracting Group Co to build 75 luxury villas in Riyadh.

The company said in a statement to the Saudi Stock Exchange (Tadawul) that the 30,000 sq.m development in King Khalid Road will take place over 18 months.

The development will benefit from close proximity to the northern gate of the city’s diplomatic quarter and major government authorities and departments, the statement said.

The project will be financed from Islamic Tawaruq credit facilities.

(Reporting by Imogen Lillywhite; editing by  Seban Scaria)

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