Saudi builder Al Khodari wins $184m university contracts
Saudi builder to build facilities at Taibah and Northern Borders universities for 374m riyals and 315m riyals, respectively
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Dubai: Major Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari Sons Co won three contracts from the Ministry of Higher Education worth a total 689 million Saudi riyals ($184 million; Dh674.5 million), it said on Monday.
Al Khodari will build facilities at Taibah University for 374 million riyals and for 315 million riyals at Northern Borders University. The financial impact of the contracts is expected to begin in the third quarter of 2014.
The contractor reported a 68.8 per cent slump in second-quarter net profit last month, due to a sharp escalation in manpower costs.
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