Ladun Investment Company’s subsidiary, Built Industrial Company, has won a project to develop a mixed-use project in Abha, Aseer Province, at the cost of 646 million Saudi riyals ($172 million).

The contract was awarded by the Real Estate Development Fund (REDF), Ladun said in an Arabic statement to the Saudi stock exchange on Monday.

The Point is a 75,000-square-meter mixed-use project comprises a shopping mall, a hotel, entertainment facilities, administrative buildings, open squares, and gardens. 

REDF is owned by Red Sea Markets for Real Estate Investment Co. - Asir and the Tourism Development Fund. The fund is managed by BSF Capital

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

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