Daruna awards Red Sea Housing $39.5m accommodation contract
Red Sea Housing Services Co. signed a contract with Daruna for Real Estate Brokerage in Qatar to construct an integrated accommodations facility for 4000 tenants on 28 February 2016.
The project value is worth over $39.56m with construction to begin with immediate effect and to be completed by 24 July 2017.
Red Sea Housing Services will provide a complete infrastructure and housing development with facilities including accommodation blocks, indoor and outdoor recreation, utilities, mini-markets, police/security station, a bank, a clinic and other miscellaneous outlets. Donnie Sumner, president of Red Sea Housing Middle East Division, said: “The project demonstrates the acute need for high quality, large-scale communities which enable our clients to operate at full performance in comfortable, clean and superior conditions.”
The project will be financed from existing bank facilities and internal cash flow, the statement added. The relevant impact will be reflected in the company’s financials starting from Q2-2016.
