the General Authority for State Real Estate, in cooperation with the National Privatization Center, has prequalified eight local and international companies and consortia to compete for the «Wadi Al-Jawda» project in Riyadh, which is being implemented under a public-private partnership model. In a statement, the Authority clarified that the list of qualified companies includes Mada International Holding, Tanama Holding, and Al-Ayuni Investment and Contracting, along with five consortia that met the project’s qualification requirements.

The qualified consortia included:
Consortium 1: Saudi Binyan, Al-Rashid Real Estate, and Abdulrahman Saad Al-Rashid & Sons.
Consortium 2: Al-Awwal Real Estate Development and Wajdan Real Estate Development.
Consortium 3: SkyBridge, Areic, and Al-Bawardi Group.
Consortium 4: Assets Facility Management, Hayaza, Ahmed Mohammed Al-Saif & Sons, and Bayt Al-Mawared Contracting.
Consortium 5: Bani Holding, Bani, and Sumo Investment.

The project aims to redevelop the main site of the Saudi Standards, Metrology, and Quality Organization (SASO) headquarters in the Al-Mohammadiya neighborhood of Riyadh, transforming it into an integrated, mixed-use urban development spanning over 191,000 square meters.
The project includes the creation of an urban destination featuring government and commercial offices, retail facilities, and a mosque, along with green spaces and a network of roads and pedestrian walkways, thereby contributing to the development of the area and enhancing the quality of the urban environment.
In April 2026, the General Authority for State Real Estate and the National Center for Allocation launched the expression of interest phase for the project, which is being implemented under the Design, Build, Finance, Operate, Maintain, and Transfer (DBFOMT) model, under a 32-year contract, in addition to 3 years allocated for construction work.