Ladun Investment Co. said its subsidiary, Built Industrial Company, has won a contract from Jazan City for Primary & Downstream Industries, affiliated to the Royal Commission for Jubail & Yanbu (RCJY), to develop a housing project at the cost of 189.48 million Saudi riyals ($50.52 million).

The project includes constructing 22 buildings with 146 residential units, the company said in a statement to the Saudi stock exchange on Wednesday.

The scope of work includes site development, including civil, structural, and electrical works. In addition, the company will have to set up electricity distribution and communications systems, as well as undertake testing, commissioning and project delivery.

In October, Ladun Investment's Built Aluminum Factory (BAFCO), owned by Built Industrial,  signed a contract worth SAR70.36 million with Public Investment Fund-owned Red Sea Global.

(Writing by D Madhura; Editing by Anoop Menon)


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