Saudi Arabia's Royal Commission Awards $637 Million Construction Contracts in Riyadh

en.Wedoany.com Reported - The Royal Commission for Riyadh City announced on May 5 that it has awarded two construction contracts totaling $637 million for the development of three large land parcels in the capital. A joint venture between Ladun Investment Company and Al Ayuni Investment and Contracting Company secured the contracts to prepare master plans for two residential development projects in northern Riyadh and one project in the south.

These construction contracts were awarded under the Real Estate Balance Scheme, an initiative launched last year by the Royal Commission for Riyadh City to increase housing supply and stabilize prices in Riyadh. The largest project is located in Al Qirawan, a northern suburb, covering an area of 3.6 million square meters. The second project is in Al Narjis to the north, spanning 87,000 square meters. The project in the Namar district of southern Riyadh covers 570,000 square meters.

According to Ladun's disclosure to the Saudi Exchange, the scope of work includes preparing detailed master plans, executing designs, implementing road, water, sewage, electricity, and telecommunications networks, designing public spaces and parks, coordinating and connecting utility services, and ensuring the land is fully ready for handover to citizens with complete infrastructure.

These projects are part of a series of measures to reduce housing costs in the capital, including a five-year rent freeze and increased taxes on vacant or undeveloped land. In a public address in September 2025, Crown Prince Mohammed bin Salman stated that the rise in housing costs in recent years was "unacceptable."

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