National Building inks SAR 300M contract with Al-Fayzia Real Estate

National Building and Marketing Co. signed today, June 9, a SAR 300 million contract with Al-Fayzia Real Estate Development Co. to build office and residential towers (Al Raed Project), according to a statement to Tadawul.

The three-year contract includes carrying out the infrastructure and superstructure works, constructing, finishing, executing, and supplying all project building materials, as well as administrative follow-up and implementation of all related services until the project becomes ready for investment.

The agreement also covers turnkey delivery for the office and residential towers according to the design plans approved by the first party’s consultant and as per the established specifications, which are not in conflict with the specifications of the Saudi Code and the Ministry of Housing.

The deal will have a positive impact and will be reflected in business results in H2 2024 and the coming years during the project completion period.

Fahd bin Thunayan Al Thunayan is a related party to the contract as he is one of the major shareholders, the company said, adding that the contract was concluded without preferential terms or privileges.