Saudi Arabia’s Ladun Investment Company has announced that it had been awarded contracts worth SAR2.39 billion ($637 million) 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 I, 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 ($550 million) awarded by RCRC, Ladun said the scope of work includes development of Al Qirawan and Al Narjis districts in Riyadh.
Ladun said the contract 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, it stated in the bourse filing.
The scope of work includes roads as well as water, sewage, electricity and telecommunications networks, in addition to public spaces and parks, with full integration of utility services.
On the second contract worth SAR327 million ($87 million), Ladun said it involves infrastructure development work for a 569,933 sq m plot of land within Namar real estate project.
The scope of work includes preparing the detailed master plan and executive designs; implementing road, water, sewage, electricity, and telecommunications networks, it stated.
It also involves the designing of public realm spaces and parks; coordinating and connecting utility services as well as ensuring the land is fully ready for handover to citizens with complete infrastructure.
The project represents a model of integration between urban planning, sustainability, and technology, contributing to improving quality of life and increasing the supply of residential real estate in the city of Riyadh, Ladun said 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.-TradeArabia News Service