PIF-backed Saudi developer ROSHN Group has signed a deal worth over 215 million riyals ($57 million) with Dar Al Arkan to develop residential villas.

The two developers have signed a sale and purchase agreement, following a similar agreement last year, that will see Dar Al Arkan acquire and develop residential villas in phase 1 of Sedra development, a statement from ROSHN said on Monday.

Sedra is ROSHN’s first project in the kingdom and is being developed over eight phases.

The real estate developer is fully owned by Public Investment Fund (PIF).

(Writing by Brinda Darasha; editing by Seban Scaria)