Mubasher: Munshaat Real Estate Projects said that its fully owned subsidiary in Saudi Arabia, Munshaat for Projects and Contracting Co, has renewed the usufruct rights contract for Dar Al Qiblah project.

The contract’s duration has been extended for 25 Hijri years, according to a bourse statement issued on Tuesday.

A positive financial impact is expected to affect the company’s assets, reflecting positively on the shareholders’ equity.

Late August, the chairman of Munshaat disclosed that the volume of the company’s investments in the Saudi market exceeds KWD 100 million ($332 million).