Roshn awards $427mln contracts for flagship Riyadh community

Roshn awards $427mln contracts for flagship Riyadh community

Roshn, a leading Saudi real estate developer powered by the Public Investment Fund (PIF), has awarded contracts worth SR1.6 billion ($427 million) for its flagship Riyadh community project featuring over 30,000 homes. Leading Saudi contractor Rezaik Abdallah Al-Gedrawy and Company has been signed up to develop a part of the 4,000 homes in the community within the first phase of the project, coming up in the north of the capital city. The Additional partners include Zuheir Ahmad Zahran and Company, Al Akaria Hanmi, Posco E&C, AWJ International and C1 Company Building, who will be involved in other critical areas of construction including soil grading, sales and experience centre, site supervision, said the Saudi developer in a statement. Roshn's Riyadh Community forms part of the developer's wider 10-year strategy to contribute to the rapidly increasing demand for housing across the Kingdom. Group CEO David Grover said: "These are the first set of many important partnerships to come that will play a crucial role in enabling us to fulfill our national mandate to support the government's efforts to increase the rate of home ownership to 70% by 2030." "We will work together to further advance the nation's construction sector. This is the foundation for many of Roshn's successes