08 March 2016
Riyadh - Red Sea Housing Services Co. (Tadawul: 4230) signed on Sunday 28 February 2016 a contract with 'Daruna for Real Estate Brokerage, LLC' in Qatar to construct an integrated accommodations facility for 4000 tenants.
The project value is worth over QAR 144.07 million; construction will begin with immediate effect and completion is expected on 24 July 2017.
Red Sea Housing Services will provide a complete infrastructure and housing development to support a 4000-strong community for Daruna. The community's facilities include accommodation blocks, indoor and outdoor recreation, utilities, mini-markets, police/security station, a bank, a clinic and other miscellaneous outlets.
Donnie Sumner, President of Red Sea Housing Middle East Division, commented: "We are delighted to enhance our footprint in Qatar through this deal with Daruna. The project demonstrates the acute need for high quality, large-scale communities which enable our clients to operate at full performance in comfortable, clean and superior conditions."
The project will be financed from existing bank facilities and internal cash flow, the statement added. The relevant impact will be reflected in the company's financials starting from Q2-2016.
© Press Release 2016