Riyadh — Mubasher: Saudi Arabian Refineries Company (SARCO) announced that its affiliate, Raya Al Tajdeed Contracting, has secured a construction contract in Riyadh valued at an estimated SAR 100 million.

Raya Al Tajdeed, in which SARCO maintains a 35% ownership stake, signed the agreement with Multinational Education Company on 19 August 2026.

The scope of the contract involves executing construction and finishing works for projects belonging to the Multinational Education within the capital city.

The agreement is set for a duration of 24 months. SARCO expects the financial impact of this project to begin appearing in its financial results starting from the fourth quarter (Q4) of 2026. The transaction is classified as a related-party contract.

Managing Director Mohammad Iqbal Daboul serves as an executive board member at Ithra Holding, which is the primary owner of Multinational Education Company and also holds a 35% stake in Raya Al Tajdeed Contracting.

SARCO stated it will disclose any further material developments regarding the project as they occur.

In the first half (H1) of 2026, the listed company reported a net loss of SAR 4.98 million, a significant 79.01% reduction from SAR 23.72 million in H1-25.