National Building seals SAR 350M contract for residential units in Riyadh

Logo of National Building and Marketing Co.

National Building and Marketing Co. (NBM) signed today, June 4, a contract worth SAR 350 million for constructing villas and residential apartments (Granada Riyadh Project) with Al-Fayzia Real Estate Development Co., the company said in a statement to Tadawul.

The three-year contract will have a positive impact and will be reflected in business results in H1 2024 and the coming years during the project completion period.

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Under the contract, the company will carry out the infrastructure and superstructure works, construct, finish, implement and supply all project building materials, administrative follow-up and implementation of all related services until the project is ready for investment. It will also complete formalities required for “turnkey” of the residential units and villas according to the design plans approved by the first party's consultant and in line with the established specifications that do not conflict with those of the Saudi Building Code and the Ministry of Housing.

There are related parties to the contract, namely Fahd bin Thunayan Al Thunayan, who is one of the major shareholders, the company said.

The contract was concluded without preferential terms or privileges.