Built Industrial Company, a subsidiary of Saudi-listed Ladun Investment Company, signed a construction contract worth 646 million Saudi riyals ($172 million) with the Real Estate Development Fund Company for ‘The Point Abha’ project in Abha city.

The mixed-use development covers an area of 75,000 square metres (sqm) and includes a shopping centre, hotel, entertainment facilities, office buildings, open plazas, and garden, the company said in a statement to the Saudi stock exchange.

The project will be completed in 1,080 days.

The deal will have a positive financial impact on 2025, 2026 and 2027 results, the statement said.

The project owner, Real Estate Development Fund Company, is a private, closed real estate investment fund owned by Red Sea Asir Company and the Tourism Development Fund (TDF) and managed by Fransi Capital.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.