Saudi Builder Al Khodari Wins $184m University Contracts

Al Khodari will build facilities at Taibah University and at Northern Borders University.



Major Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari Sons Co won three contracts from the Ministry of Higher Education worth a total SAR689 million ($184 million), it said on Monday.

Al Khodari will build facilities at Taibah University for SAR374 million and at Northern Borders University for SAR315 million. The financial impact of the contracts is expected to begin in the third quarter of 2014.

The contractor reported a 68.8 per cent slump in second-quarter net profit last month, due to a sharp escalation in manpower costs.