Saudi-listed National Building and Marketing Company has signed with Al-Fayzia Real Estate Development Company to construct villas and residential apartments for the latter's Granada Riyadh project.

The three-year contract is valued at 350 million Saudi riyals ($93.32 million), the company said in an Arabic statement published on the Saudi stock exchange on Tuesday.

The contract includes carrying out the infrastructure and superstructure works, constructing, finishing, implementing and supplying all project building materials, and undertaking administrative follow-up and implementation of all related services until the project is ready for investment.

The residential units and villas will be developed according to the specifications of the Saudi Building Code and the Saudi Housing Ministry.

(Editing by Anoop Menon) (

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