Riyadh — Mubasher: Msandh Al Emdad Limited Company, a wholly owned subsidiary of Al Kathiri Holding Company, was awarded a project contract from Talaat Moustafa Group Muscat Company for Real Estate Development (TMG) to execute construction works for the Jood Project in Sultan Haitham City, Oman.
The award is valued at OMR 11.28 million, equivalent to around SAR 110 million, excluding value-added tax (VAT).
Under the deal, Msandh Al Emdad will construct 160 residential villas under Package V1.1 and carry out rough grading works for the package.
The project is expected to be completed within 24 months from the commencement date, which will be determined after the relevant contractual procedures are completed.
Meanwhile, the final contract will then be signed on 5 November based on the agreed terms, meaning the current award value may differ from the final contract value.
Al Kathiri expects the project’s financial impact to begin appearing in its consolidated financial statements from the first quarter (Q1) of 2027 and continue throughout the execution period.
The project marks Msandh Al Emdad’s first project outside Saudi Arabia and supports Al Kathiri’s strategy to expand into international markets and diversify its revenue sources.
