Saudi Arabia’s Abdul Mohsen Al Hokair Group for Tourism and Development has revealed details of a recemt major contract to provide accommodation and catering services for a residential complex at NEOM.
The agreement was signed with signed on 22 August with Alfa Facilities and Contracting Company, a subsidiary of the Alfanar Group, after Al Hokair Group was awarded the project on 22 January earlier this year.
In a filing to the Saudi bourse Tadawul, Al Hokair Group revealed the contract is valued at more than $202.5 million (SAR760 million), and covers the provision of accommodation services for a residential complex in NEOM for a period of seven years.
The deal’s financial impact will be reflected from Q1 2024 onwards.
The award letter in January was followed by Al Hokair commencing work in April on the project, including completion of site preparation, appointment of qualified personnel, and receipt of the first payment for the project.