Hamad Mohammed Bin Saedan Real Estate Company has signed a SAR13.76 million ($3.66 million) construction contract with Raya Al Omran Contracting Company to develop residential units under its Dar Hamad 3 project in Riyadh.
The contract, signed on August 23, covers the turnkey construction of the residential units on a 9,600-square-metre site in the Namar district. The contract value excludes VAT.
The project is part of Hamad Bin Saedan Real Estate’s residential development portfolio and will feature modern-designed housing units focused on quality, privacy and efficient use of space.
The construction period is set at 10 months.
The company said the project is expected to have a positive impact on its profitability by contributing to revenue growth and generating returns from the development and sale of the residential units.
The company had announced the contract award on July 21, 2026.
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