Riyadh — Mubasher: Saudi Arabian Refineries Company’s (SARCO)unit, Raya Al Tajdeed for Contracting, has penned a construction contract valued at SAR 2.52 million.
The agreement, signed on 2 September 2026, with Al Fayezia Real Estate Development, involves the construction of residential villas in the city of Riyadh.
The contract duration is set for four months. SARCO expects the financial impact of this project to materialize starting from the fourth quarter (Q4) of 2026.
The company identified a related party in the transaction, noting that Al Fayezia Real Estate Development is owned by Ithra Holding.
SARCO’s Managing Director, Mohamed Iqbal Daboul, holds an executive position at Ithra Holding, classifying the deal as a related-party transaction.
In August, the listed group’s subsidiary Advanced Industrial Supplies Company secured a subcontract project valued at SAR 12.87 million with Saudi Binladin Group.
