Dur Hospitality awards SAR 181.7 mln contract in Rixos Jeddah to Al Murshid Contracting

Dur Hospitality Co.'s building

Dur Hospitality Co. awarded today, May 15, a SAR 181.7 million contract to Al Murshid Contracting Group for Rixos Jeddah Resort development project, according to a bourse filing.

The 18-month contract entails the expansion and refurbishment of 174 hotel rooms, in addition to the revamping of the gardens, outdoor infrastructure and swimming pools. The resort also includes two restaurants, a health club, an integrated kids club and banquet halls.

Dur Hospitality indicated that the expected positive financial impact of this contract will materialize starting from the last quarter of 2023. The company noted that there are no related parties.

The project will be financed through credit facilities from Islamic Tawarruq.

The resort will be closed during construction, and there will be no material financial impact on net profit as a result of the closure, the company added.