Arriyadh Development Awards $16 Million Contract for Warehouses

Arriyadh Development Co. (ADCO), a Saudi property developer, awarded a contract valued at 59.3 million riyals ($16 million) to a local company to build cooling and freezing warehouses in southern Riyadh.

Arriyadh will finance the project, which will be completed within 12 months, from its own resources, the Riyadh-based company said in a statement to the Saudi bourse website today.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.