View inks SAR 164M deal for Riyadh residential tower

View United Real Estate Development Co. signed, on Jan. 12, a contract to develop a residential tower worth SAR 164 million in the Al-Nakheel district, at King Fahd Road in Riyadh.

In a statement to Tadawul, the company said that the deal was signed with Alshams Holding Co., Wavz Real Estate Development Co., and Anyar Real Estate Development Co.

The contract runs for 30 months from the start of construction works and covers the development and sale of a residential tower in Al-Nakheel.

The financial impact will reflect on projects under implementation throughout the development, construction, and sales phases. Revenues are expected to see a positive impact immediately after operations begin, subject to obtaining necessary approvals and licenses, the statement added.

View further indicated that Wavz and Anyar are related parties.