Saudi-listed Ladun Investment Compay and Mawten Real Estate Company have partnered to jointly develop an 827 million Saudi riyal ($220.26 million) mixed-use project in Makkah.
 
The project, which spans 6,580 square metres, will include 935 luxury serviced residential units, the developer said in a statement to the Saudi bourse on Tuesday.

A building permit for the 25-storey residential/commercial tower, in addition to shops, and showrooms, has already been issued.

The contract will positively impact Ladun’s financial results from 2025 to 2028. Ladun will hold a 30 percent stake in the project land and share an equivalent percentage of the costs and profits, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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