Al Majdiah signs SAR 77M deal for Riyadh project

Al Majdiah expects the 12-month project to have a positive impact on its financial results upon completion

Dar Al Majed Real Estate Co. (Al Majdiah) signed today, March 5, a contract with Emarna Contracting Co. to execute the Al Majdiah 174 project on a turnkey basis in Riyadh’s Al-Nada District.

The contract, valued at SAR 77 million (excluding VAT), represents a significant portion of the company’s planned project portfolio, the company said in a statement to Tadawul.

Under the contract, Emarna will construct 8 residential buildings comprising a total of 226 units, covering all turnkey works, including construction; architectural and finishing works; electrical and mechanical services; safety and protection systems; HVAC works; and general site works, in line with contract documents, annexes, and applicable regulations.

The company expects the 12-month project to have a positive impact on its financial results upon completion.

Al Majdiah noted that Hossam Al Majed holds an indirect interest as a major shareholder with over 5% ownership, directly and indirectly, and emphasized that the contract was awarded following standard company procedures with all contractors, without preferential terms.