In a regulatory filing made post market hours yesterday, the company stated that Dream City Builders has entered into a memorandum of understanding (MoU) with Almasarat Company in connection with the proposed construction and development of a 93-storey tower in Jeddah, Kingdom of Saudi Arabia.

Envisioned as a 360-degree twisting tower, the development is proposed to feature panoramic sea views, a five-star hotel comprising approximately 350 rooms across the lower 14 floors, and a diamond-shaped rooftop restaurant on the 93rd floor.

Dream City Builders is expected to undertake the complete engineering, procurement and construction (EPC) scope for the project, including construction, finishing and handover.

The project area is 1,53,451 square metres and the expected project duration is approximately five years from commencement. The project has an estimated revenue potential of Rs 1,800 crore.

Garuda Construction and Engineering specializes in turnkey EPC solutions and has expertise in residential, commercial, infrastructure, and renewable energy projects.

The company's consolidated net profit jumped 48.36% to Rs 41.54 crore on a 40.12% rise in revenue to Rs 175.38 crore in Q1 FY27 as compared with Q1 FY26.