RIYADH — ROSHN, Saudi Arabia’s national community developer powered by the Public Investment Fund (PIF), has announced the signing of SR 1.6 billion worth of contracts as construction commences on its flagship Riyadh community.

Amongst those appointed is contractor Rezaik Abdallah Al-Gedrawy & Co. who will be developing part of the four thousand homes in the community during the first phase, which will be developed by ROSHN and other partners.

Additional partners include Zuheir Ahmad Zahran and Company, Al Akaria Hanmi, Posco E&C, AWJ International and C1 Company Building, who will be involved in other critical areas of construction including soil grading, sales and experience centre, site supervision and more.

ROSHN’s Riyadh Community forms part of the developer’s wider 10-year strategy to contribute to the rapidly increasing demand for housing across the Kingdom.

David Grover, group chief executive officer at ROSHN, commented: “These are the first set of many important partnerships to come that will play a crucial role in enabling us to fulfill our national mandate to support the government’s efforts to increase the rate of home ownership to 70% by 2030.

“We will work together to further advance the nation’s construction sector. This is the foundation for many of ROSHN’s successes to come in Saudi Arabia.”

Noman Al Daajani, chief development officer at ROSHN Riyadh said: “This award is a significant achievement for ROSHN as we continue to make strong progress towards the development of our flagship Riyadh community. Our intention is always to work with partners who can deliver the kind of communities that our customers will be proud to call home.

“We are delighted to be selected as a valued partner of ROSHN. We look forward to working with them to provide real value to the nation’s people,” Salem Abdulaziz Alsudais, CEO at Rezaik Abdallah Al-Gedrawy & Co. said.

Spread across an area of 20 million square meters, the Riyadh community is strategically located south of King Khalid Airport in the north of Riyadh, and close to the city’s main attractions, key highways and transportation links.

In addition to more than 30,000 contemporary homes, that fuse modern design with a celebration of the capital’s rich heritage, the communities will include mosques, retail and F&B outlets, parks, schools and leisure and entertainment facilities. Off-plan homes will be available for sale during the first half of 2021.