Dar Al Majed Real Estate Company (Al-Majdiah) has signed a contract worth SAR77 million ($20.48 million) with Emarna Contracting Company to implement a new residential development in Riyadh’s Al‑Nada District.

The project, known as Al-Majdiah Project (174), will be executed on a turnkey basis and involves the construction of eight residential buildings comprising 226 housing units, according to a company announcement.

Under the agreement, Emarna Contracting will undertake all works related to the development, including structural and architectural construction, finishing works, electrical and mechanical services, safety and protection systems, air-conditioning and ventilation installations, as well as site works, in line with approved designs and project specifications.

The contract was signed on March 5, 2026, with a total value of SAR77 million excluding value-added tax. The project is expected to be completed within 12 months.

Dar Al Majed Real Estate said the development is expected to have a positive impact on the company’s financial results upon completion.

The company also disclosed that Hossam bin Abdulrahman Al Majed, a major shareholder holding more than 5% of the company’s shares directly and indirectly, has an indirect interest in the transaction as a related party.

However, the firm said the contract was awarded in accordance with its approved procedures and under the same terms and conditions applied to all contractors, without any preferential treatment.  -TradeArabia News Service