Riyadh – Mubasher: Dar Alarkan Real Estate Development Company was awarded a contract from ROSHN to develop residential units in SEDRA project in Northern Riyadh.

The collaboration aligns with ROSHN’s strategic partnerships with other global companies to set up integrated communities in Saudi Arabia, according to a press release.

Expected to be accomplished within three years, SEDRA is being developed over eight phases to build more than 30,000 residential units over 20 million square metres.

It is worth noting that ROSHN is backed by the Saudi Public Investment Fund (PIF).

David Grover, CEO of ROSHN Group, said: “As a development sector enabler, ROSHN leverages its partnerships to ensure we bring the highest quality homes to markets across the Kingdom.”

On a separate note, Dar Alarkan teamed with the Trump Organization, through its unit Dar Al Arkan Global Company, for the AIDA project that is worth $4 billion in Oman.

In the first nine months (9M) of 2022, the Tadawul-listed company reported net profits after Zakat and tax worth SAR 393.01 million, a hike of 416.24% from SAR 76.13 million in the year-ago period.