Saudi Real Estate Company (Al Akaria) signed a five-year contract with the Royal Commission for AlUla and Public Investment Fund (PIF)-owned AlUla Development Company to develop the Sidrat AlUla project.

Under the agreement inked on 25 February, the 260,230-square metres (sqm) project in the AlUla Governorate will house 810 residential units (570 apartments and 240 villas/townhouses), the developer said in a statement published on the Saudi stock exchange.

The master plan includes commercial and retail spaces with a gross floor area of 36,760 sq m, in addition to green parks.

The total development cost will be determined in 120 days from the date of the contract signing, the statement said.

The PIF and Public Pension Agency partially own Al Akaria.

(Writing by D Madhura; Editing by Anoop Menon)


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