Saudi Arabia’s Ladun Investment Company has announced that it has been awarded SAR2.39 billion ($637 million) contracts by the Royal Commission for Riyadh City to carry out infrastructure development work at Al Qirawan and Al Narjis districts as well as Namar real estate development in the Saudi capital.

The projects, which are part of the Real Estate Balance Program’s Phase One, will be executed in consortium with Al Ayuni Investment and Contracting Company, said Ladun in its filing to Saudi bourse tadawul.

On the first contract worth SAR2.06 billion, Ladun said the scope of work includes the design and construction of infrastructure across sites spanning 3.6 million sq m in Al Qirawan and 87,000 sq m in Al Narjis.

The second contract worth SAR327 million involves infrastructure development work for a 569,933-sq-m plot of land within Namar real estate project,it stated in the bourse filing.

The work would be carried out in line with requirements set by authorities including Riyadh Municipality, the National Water Company, the Saudi Electricity Company and other service providers, it added.