National Building and Marketing Company has announced a significant collaboration with Al-Fayzia Real Estate Development Company to construct a series of office and residential towers as part of the ambitious Al Raed project. This partnership marks a pivotal moment in the development landscape, promising to create a modern urban environment that caters to both residential and commercial needs.
The initiative seeks to integrate cutting-edge architectural design with advanced construction techniques, aiming to foster a vibrant and dynamic urban space. The project is expected to provide high-quality living and working environments, thereby contributing not only to the local economy but also to the infrastructural growth of the surrounding area.
In a recent announcement on the Saudi Stock Exchange, National Building revealed that the three-year contract is valued at $80 million. This agreement underscores the company’s strategic vision to enhance its portfolio and strengthen its position in the competitive real estate market.
The scope of the contract includes comprehensive infrastructure and superstructure works, along with the construction, finishing, and supply of all necessary building materials. Additionally, National Building will oversee administrative follow-up and implementation of related services until the project is ready for investment. While the exact location of the developments has not been disclosed, they will adhere to the specifications set forth by the Saudi Building Code and the Saudi Housing Ministry.
