Garuda Construction's Subsidiary Signs MoU for ₹1,800 Crore Jeddah Tower Project
Garuda Construction's subsidiary, Dream City Builders, signed an MoU with Almasarat Company Limited for a 93-storey landmark tower in Jeddah, Saudi Arabia. Dream City Builders will handle the EPC scope, with an estimated revenue potential of ₹1,800 crore over five years.
The project involves a large value and international expansion, which could have a medium-term impact on the company's growth and revenue, though it is subject to approvals and commencement.
The announcement details a significant new project with a substantial revenue potential, indicating positive business development for the company's subsidiary.
Garuda Construction and Engineering Limited announced that its wholly-owned subsidiary, Dream City Builders (formerly Garuda Arabia), has signed a Memorandum of Understanding (MoU) with Almasarat Company Limited.
This MoU is for the proposed construction and development of a significant 93-storey landmark tower in Jeddah, Kingdom of Saudi Arabia. The envisioned tower is a distinctive 360-degree twisting structure, designed to offer panoramic sea views. It will feature a five-star hotel with approximately 350 rooms spread across the lower 14 floors, and a unique diamond-shaped rooftop restaurant on the 93rd floor.
Dream City Builders will be responsible for the complete Engineering, Procurement, and Construction (EPC) scope of the project, including all aspects from construction to finishing and final handover. The project is estimated to have a revenue potential of approximately ₹1,800 crore for Dream City Builders over its expected duration of about five years from commencement. The development is subject to requisite approvals and the official commencement of the project.
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Garuda Construction and Engineering Limited filed this with the NSE as a statutory disclosure, categorised under strategic partnerships. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Garuda Construction and Engineering Limited. Read the original for the full detail.