First Avenue pens SAR 75M contract to complete office complex in Riyadh

First Avenue Real Estate Development Co. signed an agreement worth SAR 75 million with Alidara Real Estate Co. to finalize the development and implementation of an office complex project in Riyadh.

In a Tadawul statement, the company said the 20-month project is located in Qurtubah district on the Airport Road, over a building area of nearly 34,000 square meters.

The project is a continuation of the complex’s implementation works after ownership was transferred to Alidara Real Estate. The completion rate was approximately 50% at the time of signing the contract.

The company will start to see positive impact as of H2 2024, the statement said, noting that there are no related parties.