The Saudi real estate company signed a contract to develop a gated residential community in the Al-Narges neighborhood worth 115.8 million riyals, noting that the project will take 24 months to complete, starting from the date the site is handed over., It added that excavation work has been completed on the project, which is located on a 25,600-square-meter site owned by the Riyadh Municipality.

The project comprises 162 residential units, consisting of 131 apartments of various sizes (one-bedroom, two-bedroom, and three-bedroom apartments), and 31 duplex units, with a total construction area of approximately 37,000 square meters.

The company noted that the financial impact will be reflected in the financial statements starting in the first quarter of 2017, explaining that the project will be self-financed with the addition of a portion of a loan from the Public Investment Fund, and that there are no related parties.