Ladun Investment Company has appointed Built Industrial Co., a subsidiary, as the main contractor for Al-Mashraqia villa project in Riyadh.

The construction contract awarded is valued at 317.13 million Saudi riyals ($84.56 million), the company said in a statement to the Saudi stock exchange on Wednesday.

The project consists of 416 villas, which will be built according to four approved design models.

In September, Ladun signed a real estate sub-development agreement with the state-run National Housing Company (NHC) to develop Al-Mashraqia villas in Riyadh, for SAR 446 million.

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

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