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KEO wins Saudi mixed-use project contract

Saudi Real Estate Company (Sreco) has awarded a 10-month contract to KEO International Consultant to design and construct a mixed-use hotel complex in Al-Aqiq district in capital Riyadh, Saudi Arabia

The SR26 million ($7 million) deal allows KEO nine months for design and 30 months from the start of construction to manage and supervise the project, said Sreco in a statement to the Saudi stock exchange.

The agreement has no related parties and will have no effect on the company’s short-term finances, it stated.

As per the deal, KEO will be responsible for construction, management and supervision of the mixed-use Al Akaria project located adjacent to northen ring road at Al Aqeeq.

Earlier, the real estate company inked a five-month contract worth SR6.45 million ($1.7 million) with Al Assasat Al Watania for constructing a mixed-use building in Riyadh, it added.

KEO International, which has locations across the Arab Gulf region, provides consulting solutions for the construction industry.

Source:  Trade Arabia