Riyadh-Mubasher: Arriyadh Development Co. said the first stage of its Atiqa market project is likely to be completed in the first quarter of 2016, while the second and final stage will be finalised by Q4-16.

The project was scheduled to be completed on 26 November 2015, but the company faced some challenges, including the discovery of a large flood drain which made design changes to the infrastructure necessary, the developer said in a statement to Tadawul on Tuesday.

The project’s second stage, which represents 30% of the total market area, would be delayed as part of it has been allocated to Riyadh public transportation project, Arriyadh added.

The delay is unlikely to have any additional financial burdens on the company.