Saudi-based Ladun Investment Company has announced that one of its key subsidiaries has secured a contract worth SAR628.09 million ($167 million) for the revamp of the current headquarters of the Ministry of Municipal Rural Affairs and Housing located in Riyadh.

As per the deal, Built Industrial Company, will be responsible for implementing the expansion project, said Ladun Investment Company in its filing to Saudi bourse Tadawul.

The scope of work includes all construction and architectural works, electrical and mechanical systems for buildings A and B, and coordination of the general site according to the project documents, including plans, specifications and tables of quantities.

This is Built Industrial Company's third contract win this month. It had last week clinched a deal worth AED80.5 million from Kidana, a subsidiary of Makkah Province Development Authority,‬ to build a tower at the Jamarat facility in the kingdom, said the company.

The entire work will be completed within a period of 14 months, it added.

According to Ladun, the financial impact of the contracts is expected in the financial statements of 2024.

Early this month, Built Industrial Company had secured a SAR185.3 million contract from Royal Commission for Jubail & Yanbu (RCJY) to build the headquarters of Jazan City for Basic and Downstream Industries.

Nestled in the heart of Jazan, the new HQ building will come up on a 28,697-sq-m area and will be aesthetically designed to accommodate an estimated 1,500 employees, said the company in its statement.

The project scope includes procurement, construction and all other related works. it added. 

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