National Building and Marketing Company has signed a contract with Al-Fayzia Real Estate Development Company to build office and residential towers in the latter’s Al Raed project.
The three-year contract is valued at 300 million Saudi riyals ($80 million), the company said in an Arabic statement published on the Saudi stock exchange on Sunday.
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 projects, whose location was not disclosed, will be developed according to the specifications of the Saudi Building Code and the Saudi Housing Ministry.

Earlier this month, National Building signed a SAR350 million contract with Al-Fayzia Real Estate Development Company to construct villas and residential apartments for the latter’s Granada Riyadh project.

(Editing by Anoop Menon) (

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