Alakaria’s unit inks $160mln deal to build 1,000 housing units in Saudi's Al Mashreqiya

Under the deal, Tamear will establish 1,000 housing units in Al Mashreqiya project

  
Image used for illustrative purpose. Buildings are seen from the top of Mount Al-Noor in the holy city of Mecca, Saudi Arabia January 16, 2016.

Image used for illustrative purpose. Buildings are seen from the top of Mount Al-Noor in the holy city of Mecca, Saudi Arabia January 16, 2016.

REUTERS/Amr Abdallah Dalsh
Riyadh - Real Estate Construction Company (Tamear), a wholly-owned subsidiary of Saudi Real Estate Company (Al Akaria), signed an allocation agreement with the National Housing Company.

Under the deal, Tamear will establish 1,000 housing units in Al Mashreqiya project with a total amount of up to SAR 600 million, Al Akaria said in a bourse disclosure on Thursday.

The financial impact will be reflected in the company's revenues during the fourth quarter (Q4) of 2021.

Source: Mubasher

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