What Is the Partnership?
Dream City Builders, formerly known as Garuda Arabia and a wholly owned subsidiary of Garuda Construction and Engineering, has formalized a Memorandum of Understanding with Almasarat Company Limited. This strategic alliance centers on the proposed construction of a 93-storey twisting tower in Jeddah, Kingdom of Saudi Arabia. Under the terms of the agreement, Dream City Builders is designated to manage the full Engineering, Procurement, and Construction scope.
This includes the end-to-end execution of construction, finishing, and eventual handover of the landmark structure, which is envisioned to become a prominent feature of the Jeddah skyline with its distinctive 360-degree architectural design.
Partner Profile
Almasarat Company Limited is a Saudi-based entity involved in real estate development and landmark infrastructure projects within the Kingdom. Based in Jeddah, the company focuses on high-profile developments that align with Saudi Arabia's broader economic diversification goals. By partnering with Dream City Builders, Almasarat leverages international EPC expertise to execute complex architectural designs, such as the proposed 93-storey twisting tower.
Their role as the counterparty in this Memorandum of Understanding positions them as a key facilitator for Garuda Construction's expansion into the Middle Eastern premium real estate segment, specifically in projects requiring sophisticated engineering and multi-functional space management.
What It Unlocks
- Provides a strategic entry point into the high-growth Saudi Arabian infrastructure market under Vision 2030
- Establishes technical capability in executing ultra-high-rise residential and hospitality projects internationally
- Diversifies the company pipeline with a multi-year EPC project valued at approximately ₹1,800 crore
- Enhances the subsidiary profile as a provider of comprehensive construction and finishing services
- Leverages the rebranding to Dream City Builders to align with premium global construction standards
Financial Context
- Reported robust annual revenue growth of 134.8% and net profit growth of 145.98% in the latest fiscal period
- Operates with a healthy Operating Profit Margin of 32.01% as of the latest quarterly results
- Maintains a TTM Price-to-Earnings ratio of 12.15, compared to the industry average PE of 31.94
- Boasts a high Return on Equity of 26.96%, significantly exceeding the sector average of 12.74%
- Promoter group retains a significant majority stake of 67.56% in the company
