Dar Al Majed Real Estate Company (Al Majdiah) has awarded two contracts worth 454 million Saudi riyals ($121.02 million) to Tatweej Contracting Company to develop two housing projects in Riyadh and Jeddah.

The total cost of the Adeem Al-Fursan project in Riyadh is SAR 298.12 million, while the Khayala 1 project in Jeddah is SAR 155.48 million, the developer said in two separate statements to the Saudi stock exchange on Monday.

The Adeem Al-Fursan residential project will have 540 villas and townhouses. The Khayala 1 development comprises 528 residential units. 

The two projects are part of Al Majdiah's portfolio with the state-backed National Housing Company (NHC).

The contracts have a completion duration of 36 months.

The work scope includes civil and infrastructure works, as well as electrical and mechanical works.

Al-Fursan suburb in northeast Riyadh spans over 35 million square metres and includes over 50,000 residential units, while Khayala in north Jeddah spans nearly 1.6 million sqm and includes 3,680 residential units.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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