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

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

The first project was valued at SAR 155.48 million, excl. VAT, with the second one valued at SAR 298.12 million, excl. VAT.

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

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

These contracts, extending for 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.