Saudi-based Ladun Investment said one of its key subsidiaries - Built Industrial Company - has secured a SAR185.3 million ($49.4 million) project contract from Royal Commission for Jubail & Yanbu (RCJY) to build the headquarters of Jazan City for Basic and Downstream Industries.

The project scope includes procurement, construction and all other related works, said Ladun Investment in its filing to Saudi bourse Tadawul.

Nestled in the heart of Jazan city, the new HQ building will come up on a 28,697 sq m area and will be aesthetically designed to accommodate an estimated 1,500 employees.

This comes close on the heels of its contract win for residential units at Jazan City for Basic and Downstream Industries.

Ladun Investment had last month announced that Built Industrial Company had been awarded a SAR189.4 million contract by RCJY to build housing units for families in the residential area sector of the Jazan City.

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