A consortium led by Ladun Investment Company and Al Ayuni Investment and Contracting Company has been awarded two infrastructure development contracts in Riyadh, with a combined value of approximately SAR 2.39 billion Saudi riyals ($637 million).

The contracts were awarded by the Royal Commission for Riyadh City (RCRC) under Phase 1 of the Real Estate Balance Programme, Ladun announced in a stock exchange statement on Wednesday.

The contracts are expected to be signed on 21 May 2026.

The first package covers infrastructure development works in Al Qirawan (spanning 3.6 million square metres) and Al Narjis (*87,000 sqm). The contract is valued at SAR 2.06 billion (inclusive of VAT).

The second package involves development of the Namar site, covering 569,933 sqm, with a contract value of SAR326.7 million.

Scope of work

The projects include:

  • Preparation of master plans and detailed designs
  • Construction of road networks
  • Construction of water, sewage, electricity and telecom infrastructure
  • Development of public realm spaces and parks
  • Integration of utilities

The works will ensure full readiness of serviced land for residential delivery, the statement noted.

The projects form part of broader efforts to enhance quality of life and support the city’s ongoing urban expansion, it added.

In March 2025, Crown Prince ‎and Prime Minister Mohammed bin Salman had issued a 5-point directive to RCRC to ensure balance in the Riyadh’s real estate sector, which included providing 10,000 to 40,000 planned and developed residential plots annually in the Saudi capital for the next ‎five years at prices capped at SAR 1,500 per sqm.

In February 2026, local English language newspaper Saudi Gazette had reported that the Real Estate Balance Programme will be activated across all cities of the Kingdom

(Writing by Dennis Daniel; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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