Saudi-based Al Ramz Real Estate Company has signed an agreement with Ramz Al Hijaz Fund, which is managed by Al Rajhi Capital, to develop two residential towers at a total investment of SAR418 million ($111.5 million) in Makkah.
These towers will come up on two land plots spanning a total area of 6,007 sq m in the King Abdulaziz Road District, the developer said in its filing to Saudi bourse Tadawul.
The scope of work includes design, development and execution services as well as providing supervision for the project until it gets completed.
The entire project will be delivered within a three-year period from the date of signing of the agreement, said the statement.
For the project, Al Ramz Real Estate will also get a development fee of SAR62.7 million.
On the financial impact, the company said it is expected to contribute positively to its financial performance during the years 2026 to 2029.-TradeArabia News Service
