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Hamad Mohammed Bin Saedan Real Estate has signed a construction contract worth SAR 13.8 million with Raya Al Omran Contracting Company for the development of its Dar Hamad 3 project. The contract has a duration of 10 months. The company said the financial impact of the agreement is expected to be reflected during the fourth quarter of 2027. The contract covers construction work for the project and adds to the Saudi real estate company’s ongoing development activity. The agreement was disclosed by the company in a recent filing with the Saudi market.
Hamad Mohammed Bin Saedan Real Estate has signed a construction contract worth SAR 13.8 million with Raya Al Omran Contracting Company for the development of the Dar Hamad 3 project.
The construction contract will run for 10 months. According to the company, the financial impact of the agreement is expected to be reflected during the fourth quarter of 2027.
The contract covers the development and construction work for Dar Hamad 3. The company disclosed the agreement as part of its latest market announcement.
The project forms part of Hamad Mohammed Bin Saedan Real Estate’s development activities in Saudi Arabia, with the construction work now contracted to Raya Al Omran Contracting Company.
The company has not disclosed any further details on the project’s development scope or expected completion beyond the 10-month contract period. The financial impact is expected to be recognised in the fourth quarter of 2027 as stated in the company’s announcement.
The contract gives Hamad Mohammed Bin Saedan Real Estate a defined construction timeline for the Dar Hamad 3 project, while the expected financial contribution is scheduled for a later period. The 10-month agreement also provides clarity on the immediate execution phase of the development. Further details on the project’s scale, sales or other financial implications could provide a clearer indication of its contribution to the company’s development portfolio as construction progresses.
Source Reuters
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