GARUDA CONSTRUCTION SIGNS MOU FOR ₹1,800 CR

GARUDA CONSTRUCTION SIGNS MOU FOR ₹1,800 CR PROJECT IN SAUDI ARABIA

Garuda Construction’s wholly owned subsidiary, Dream City Builders, has signed a Memorandum of Understanding (MoU) with Almasarat Company for the development of a 93-storey landmark tower in Jeddah, Saudi Arabia. The proposed project will cover approximately 1.53 lakh square metres and is expected to include a five-star hotel with around 350 rooms. Dream City Builders will undertake the complete EPC scope, including construction, finishing and handover of the project. The development is expected to have a project duration of approximately five years. The project carries an estimated revenue potential of around ₹1,800 crore over the project period, providing significant long-term revenue visibility for the company. The MoU also marks an expansion of Garuda Construction’s presence into the Saudi Arabian construction and infrastructure market. Impact: Positive — The ₹1,800 crore potential overseas project could significantly strengthen Garuda Construction’s revenue visibility, order pipeline and international presence, although the MoU remains subject to the project progressing to definitive contractual arrangements.