‎Al Kathiri unit wins SAR 110M residential project in Oman

‎<p data-olk-copy-source="MessageBody" ><img src="https://argaamplus.s3.amazonaws.com/024606d5-45d7-4c7a-a3a7-bb8bdb99aab8.png" ></p> <p class="ckeCaption" data-olk-copy-source="MessageBody" ><!--StartFragment-->Al Kathiri’s Msandh Al-Emdad will construct 160 residential villas as part of the Jood project in Sultan Haitham City</p> <hr> <p data-olk-copy-source="MessageBody" ><a href="https://www.argaam.com/en/tadawul/tasi/alkathiri" target="_blank">Al Kathiri Holding Co.</a>said its wholly owned subsidiary, Msandh Al-Emdad Ltd., was awarded a project by Talaat Moustafa Group's (TMG) Muscat Real Estate Development Co. to carry out construction works for the Jood residential project in Sultan Haitham City, Oman.</p> <div aria-hidden="true" ></div> <div >The company said in a statement to Tadawul that the project is valued at OMR 11.29 million (around SAR 110 million), excluding VAT. It added that the current award value was determined for award purposes in accordance with the terms of the letter of award and does not necessarily represent the final contract value.</div> <div aria-hidden="true" ></div> <div >The project covers a construction package for residential villas at the Jood project, including the construction of 160 villas under Package V1.1, in addition to rough grading works for the same package, in accordance with the relevant specifications, drawings and contractual documents.</div> <div aria-hidden="true" ></div> <div >The project will be implemented over 24 months from the commencement date, which will be determined upon agreement between the two parties, and completion of the relevant contractual procedures.</div> <div aria-hidden="true" ></div> <div >Al Kathiri said the award remains subject to the completion of value engineering works and final agreement between the two parties on the scope of work and final contract value. Contractual procedures and the signing of the contract agreement will be completed based on the final agreed terms.</div> <div aria-hidden="true" ></div> <div >The company expects the project to have a positive financial impact on its consolidated financial statements starting from the first quarter of 2027 and throughout the implementation period.</div> <div aria-hidden="true" ></div> <div >The project marks Msandh Al-Emdad’s first project outside Saudi Arabia and comes as part of the company’s strategy to expand into international markets and diversify its revenue sources.</div> <div aria-hidden="true" ></div> <div >Al Kathiri said it will announce any material developments related to the project or contract, including the final contract value, in due course.</div>

Publication

Argaam - Company Disclosures · Stock Exchange/Regulatory Announcements

Published

7th October 2026

Original report

argaam.com

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