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Al Ramz Real Estate Company has signed a development agreement with Ramz Al Hijaz Fund, managed by Al Rajhi Capital, to develop two residential towers in Makkah.
The value of the development is estimated at 418 million Saudi riyals ($111.46 million), the developer said in a statement to the Saudi stock exchange.
The two land plots spanning 6,007 square metres are located in the King Abdulaziz Road District in Makkah.
The work scope includes design, development, execution and supervision works until the project is completed and delivered within 36 months from the signing of the agreement.
Al Ramz Real Estate will also get a development fee of SAR 62.7 million, the statement added.
(Writing by P Deol; Editing by Anoop Menon)
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