Al Majdiah has signed a contract worth US $20.48mn with Emarna Contracting Company to develop a new residential development in Riyadh’s Al‑Nada District.
The project, known as Al-Majdiah Project (174), will be executed on a turnkey basis and involves the construction of 8 residential buildings comprising 226 housing units, according to a company announcement.
Under the agreement, Emarna Contracting will undertake all works related to the development, including structural and architectural construction, finishing works, electrical and mechanical services, safety and protection systems, air-conditioning and ventilation installations, as well as site works, in line with approved designs and project specifications.
The contract was signed on 5 March 2026, and the project is expected to be completed within 12 months.
Dar Al Majed Real Estate said the development is expected to have a positive impact on the company’s financial results upon completion.
