Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) announced an update on signing a contract for the construction of residential villas phase of the company project in Remal District with contractor Saudi Real Estate Construction Company.

The company revealed that progress in completing the project reached 85.26%, according to a statement to the Saudi Stock Exchange (Tadawul).

There are variable costs for delays in project completion, the company noted, since the project was first announced in June 2017.

However, Al Akaria disclosed that there is no material impact from the delay in the company's financial results.