Riyadh - Mubasher: Ladun Investment Company has signed a SAR 2.06 billion contract with the Royal Commission for Riyadh City to develop infrastructure for the Al Qirawan and Al Narjis lands under Phase One of the Real Estate Balance Program. 

The project will be executed through a joint venture (JV) with Al Ayuni Investment and Contracting Company, according to a bourse filing.

The contract covers the design, construction, and delivery of infrastructure works across 3.60 million square meters (m2) in Al Qirawan and 87,000 m2 in Al Narjis. 

The project was originally awarded on 5 May 2026 and was signed on 22 June.

Through the five-year contract, the consortium will undertake three years of construction followed by two years of operation and maintenance. 

The scope includes preparing master plans and engineering designs, building road, water, sewage, electricity, and telecommunications networks, developing public spaces and parks, and connecting the sites to utility services to ensure they are fully infrastructure-ready for handover to citizens.

The project will be implemented in coordination with relevant authorities and service providers, including municipal, water, electricity, telecommunications, and real estate regulatory bodies.

It aims to support urban development, sustainability, and technology integration while increasing residential real estate supply in Riyadh.

Meanwhile, the project is expected to have a positive impact on Ladun’s profitability throughout the execution period.

Earlier in June, Ladun and Al Ayuni secured a contract for the redevelopment of a project in Makkah.