Riyadh – Mubasher: Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) penned an agreement valued at nearly SAR 760 million, according to a bourse filing.

The listed firm inked the contract with Alpha Facilities Contracting Company, affiliated with Al Fanar Group, to provide catering services in one of the residential complexes in NEOM.

Alhokair Group was awarded the project deal on 17 December 2023.

The Tadawul-listed group expected that the partnership would reflect on its income statements during the first quarter (Q1)of 2024. The Saudi entity also highlighted that the deal will contribute to boosting its business and diversifying its sources of income within the goals of its strategic plans.

Earlier in January, Alhokair Group and Newrest Company teamed up to establish a joint entity in Saudi Arabia.

During the first nine months (9M) of 2023, Alhokair Group suffered 60.57% lower net losses after Zakat and tax at SAR 22.25 million, compared to SAR 56.43 million in 9M-22.