The Royal Commission for Riyadh City (RCRC) has announced that it has signed contracts worth SAR2.39 billion ($639 million) with a joint venture between Ladun Investment Company and Al Ayuni Investment and Contracting Company for the development of infrastructure works under the Real Estate Balance Program – Phase One in Riyadh.

The contracts cover the infrastructure development of Al Qirawan, Al Narjis, and Namar land plots, supporting the kingdom’s efforts to increase residential land supply, enhance urban development, and improve quality of life in line with the objectives of Saudi Vision 2030.

All these projects will be executed in co-ordination with relevant government entities and utility providers, including the Riyadh Region Municipality, National Water Company, Saudi Electricity Company, telecommunications operators, the Real Estate General Authority, and the Off-Plan Sales Program (Wafi).

Under the five-year agreements, the Ladun-Al Ayuni JV will be responsible for the design, construction, operation, and maintenance of comprehensive infrastructure networks across the designated sites. 

The projects include a three-year construction phase followed by two years of operation and maintenance, it stated.

According to RCRC, the scope of work encompasses the preparation of detailed master plans and engineering designs, construction of road networks, water distribution systems, sewage infrastructure, electrical networks, and telecommunications facilities. 

The contracts also include the development of public spaces and parks as well as utility co-ordination works, and the connection of infrastructure services to ensure the sites are fully prepared for residential development and handover to beneficiaries, it added.-TradeArabia News Service