Saudi builder Al Khodari awarded $184m university contracts

August 27, 2014 12:35 am

Giant Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari Sons Co was awarded three contracts from the Ministry of Higher Education worth a total SR689m ($184m), it said. Al Khodari will build facilities at Taibah University for SR374m and at Northern Borders University for SR315m. The financial impact of the contracts is expected to begin in the third quarter of 2014, Reuters reported. The contractor reported a 68.8% slump in second-quarter net profit last month, due to a sharp escalation in manpower costs.