Dar Al Majed Real Estate Company (Al Majdiah) has been appointed as the developer of a 211.6 million Saudi riyal ($56.37 million) residential project in Riyadh.

The development agreement was signed with Jadwa Al-Manzel Real Estate Fund, the company said in a statement to the Saudi stock exchange.

As part of the deal, Al Majdiah will undertake the development, execution, management, and marketing of the project under a cost-plus development model.

The residential project will be built on a 27,000-square-metre (sqm) site in Riyadh's Granada district in 24 months.

Al Majdiah holds a 10 percent stake in Jadwa Al-Manzel Real Estate Fund.

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

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