Garuda unit signs MoU with Almasarat for 93-storey Jeddah tower
Garuda Construction and Engineering said its wholly owned subsidiary Dream City Builders signed an MoU with Almasarat Company Limited for a proposed 93-storey tower in Jeddah, with the full EPC scope expected.
Event / data period: 2026-09-07
Published: · Updated:
Garuda Construction and Engineering Limited told the BSE and the National Stock Exchange of India on 7 September 2026 that its wholly owned subsidiary Dream City Builders, formerly known as Garuda Arabia, has entered into a memorandum of understanding with Almasarat Company Limited. The MoU concerns the proposed construction and development of a 93-storey tower in Jeddah, Saudi Arabia. Dream City Builders is expected to undertake the complete engineering, procurement and construction (EPC) scope, including construction, finishing and handover.
The tower is envisioned as a 360-degree twisting design with panoramic sea views, a five-star hotel of approximately 350 rooms across the lower 14 floors and a diamond-shaped rooftop restaurant on the 93rd floor. The filing gives a project area of approximately 153,451 square metres and an expected duration of approximately five years from commencement.
The filing estimates revenue potential of approximately ₹1,800 crore for Dream City Builders over the project period. It describes the arrangement as a memorandum of understanding and says it is subject to requisite approvals and commencement of the project.
Data
Project figures
Figures stated in Garuda Construction and Engineering Limited’s stock exchange intimation of 7 September 2026 for the proposed Jeddah tower.
- Estimated revenue potential for Dream City Builders over the project period
- ≈1,800 crore INR
- 2026-09-07 · Estimate
- Storeys in the proposed tower
- 93 storeys
- 2026-09-07 · Target
- Hotel rooms planned across the lower 14 floors
- ≈350 rooms
- 2026-09-07 · Target
- Project area
- ≈153,451 square metres
- 2026-09-07 · Target
- Expected project duration from commencement
- ≈5 years
- 2026-09-07 · Estimate
Methodology
All figures are as stated in the intimation for a proposed project covered by an MoU, which is subject to requisite approvals and commencement of the project. The revenue figure is the company’s estimate of revenue potential for Dream City Builders in Indian rupees (crore) over the project period; it is not a contract value.
Updated:
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Subject proposals
- Infrastructure projectsSuggested
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- Saudi Arabia · Place role: Coverage · Place type: Country or area · Location precision: RegionalEvidence
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