Saudi Basic Industries Corp. — Capital/Financing Update 2014

Feb 11, 2014

Addendum announcement from Saudi Basic Industries Corp related to Buying part of the residential land in Shams Al Riyadh project

2010 · 11/02/2014 15:46:32 · Announcement #33240 · View on Saudi Exchange

Addendum announcement from Saudi Basic Industries Corp related to Buying part of the residential land in Shams Al Riyadh project

Further to the announcement published on Tadawul website on 23-05-2012 related to buying a part of the residential land in Shams Al Riyadh project, the company would like to announce the signing of the execution contract of the first phase of the Al-Waseel Hills Project for the benefit of SABIC employees in Riyadh, today afternoon, Tuesday, 11-02-2014, with Joannou & Paraskevaides (Saudi Arabia) Ltd. The first phase contract is worth around SR 2 billion, and it includes of 685 residential units at the Shams Al-Riyadh site including the infrastructure and landscaping along the Wadi Hanifa, which passes through the complex. Also it includes mosques, schools, shopping centers, sports clubs and parking areas. The execution phase will take three years to be completed by the end of 2016

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