The Saudi-based Dur Hospitality Company announced a SAR 82.5 million ($22 million) contract with Al Murshid Contracting Group Co to build 75 luxury villas in Riyadh.
The company announced in a statement to the Saudi Stock Exchange (Tadawul) that the development will take place over 18 months in King Khalid Road.
The statement stated that the development will benefit from its proximity to the northern gate of the city’s diplomatic quarter, as well as major government authorities and departments.
Islamic Tawaruq credit facilities will be used to finance the project.