ROSHN awards SAR 1.6 bln contracts for first residential project in Riyadh

ROSHN, wholly-owned real estate unit of the Public Investment Fund (PIF), awarded contracts worth SAR 1.6 billion to begin construction on the first phase of its residential project in Riyadh.

Rezaik Abdullah Algedrawy Co. was appointed the main contractor for building more than 4,000 residential units in the first phase, which will be jointly developed by ROSHN and other developers.
 

The other contracts include strategic partnerships with Zuhier Ahmed Zahran & Co., Akaria Hanmi, POSCO E&C Co., AWJ International, and C1, in jointly executing the construction and development works that include earthworks, setting up sales center, executing enabling works, site supervision and supplying necessary equipment.

Earlier this month, the developer launched its first residential community in the north of Riyadh, on a total area of 20 million square meters. The project, which is located close to King Khalid International Airport, comprises more than 30,000 residential units.
 

The project is the first community to be implemented as part of the 10-year mandate to develop communities across the Kingdom and will be developed in eight phases.
 

Last August, PIF launched ROSHN real estate as a company specialized in developing world-class integrated urban communities across the Kingdom.