Saudi-based Ladun Investment said its key subsidiary, Built Industrial Company, has been awarded a SAR646 million ($172 million) contract for the development of The Point, a 75,000 sq m mixed-use project on King Fahd Road at Abha in the Asir region of the kingdom.

 

The contract was awarded by Real Estate Development Fund Company, a private closed real estate investment fund owned by the Red Sea Asir Company and the Tourism Development Fund.

 

On completion, the project will boast a shopping mall, a hotel as well as variety of entertainment facilities in addition to administrative buildings, open spaces and gardens, said Ladun Investment Company in its filing to Saudi bouse Tadawul.

 

A unique retail and hospitality destination, The Point aims to provide an exceptional retail, lifestyle, food and beverage and hospitality experience for the residents and visitors of Abha.-TradeArabia News Service