Roshn Group, the kingdom’s leading multi-asset class real estate developer powered by Saudi wealth fund PIF, has announced that it has awarded new contracts worth SAR1.5 billion ($400 million) for Sedra Community, the group’s largest integrated development in Riyadh.

 

The scope of work includes construction of more than 1,900 residential units as well as infrastructure development works related to the retail facilities of Sedra, said Roshn in a statement.

 

These agreements were signed at the third edition of the PIF Private Sector Forum in Riyadh, thus reflecting Roshn’s strategic efforts to strengthen the kingdom’s construction sector, expand local expertise, and enhance supply chain localization.

 

The first agreement, valued at SAR650 million, was signed for development of more than 900 residential units and sports facilities at Sedra Community. 

 

Another agreement was signed for the development of more than 700 residential units, supporting the continued expansion of the integrated community. 

 

In addition, a SAR130 million agreement was signed for the construction of Sedra’s first district retail mall. 

 

A fourth agreement, worth SAR720 million, was signed for the development of more than 300 premium residential units in Sedra.

 

All of these contracts were awarded to several leading national and international contracting companies investing in Saudi operations, further solidifying Roshn’s role in enabling national capabilities, stated the developer.

 

This move reinforces our commitment to fostering local content and driving economic growth, remarked Iain McBride, the Executive Director (Commercial) at Roshn Group.

 

"Our mandate at Roshn Group extends beyond developing integrated projects; it plays a vital role in advancing Saudi Arabia’s economic diversification by strengthening local industries and expanding national capabilities," he added.-TradeArabia News Service