Al Majdiah signs SAR 453.6M contracts for projects in Riyadh, Jeddah

15/09/2025 Argaam

Al Majdiah inks SAR 453.6M worth of project contracts

The developments came under Al Majdiah’s project portfolio with National Housing Co.

Dar Al Majed Real Estate Co. (Al Majdiah) signed two contracts with Tatweej Contracting Co. to implement Adeem Al-Fursan project in Riyadh and Khayala 1 project in Jeddah, according to a statement to Tadawul.
 
 

The total value of the contracts is SAR 453.62 million (excluding VAT), which includes Adeem Al-Fursan project at SAR 298.13 million and Khayala 1 project at SAR 155.48 million.

 

Adeem Al-Fursan is an off-plan residential project comprising 540 villas and townhouses. Meanwhile, Khayala 1 project is an off-plan development comprising 528 residential units.

 

Both projects came under the company’s project portfolio with the National Housing Co. (NHC).

 

These contracts, spanning 36 months, are part of the company’s expansion plans to develop high-quality residential projects aligned with Saudi Vision 2030 and meeting the needs of the real estate market. The scope of work includes construction, infrastructure, and all execution work in accordance with approved specifications.

 

The relevant financial impact will appear as of Q3 2025, the statement added.