First Avenue for Real Estate Development Co. Announces Project Award with Emaarona Contracting Company
| Element List | Explanation |
|---|---|
| Date of Award | 2025-04-21 Corresponding to 1446-10-23 |
| Counterparty | Emaarona Contracting Company |
| Project Value | The contract is valued at approximately SAR 115,000,000 (excluding VAT), and the total cost is expected to amount to about SAR 150,000,000. |
| Expected Date for Signing the Contract | 2025-04-21 Corresponding to 1446-10-23 |
| Project Details | First Avenue for Real Estate Development announces the signing of a turnkey contract with Emaarona Contracting Co. to execute the “ Al‑Basateen Avenue ” residential project—a private compound comprising 315 apartments with an approximate built‑up area of 30,000 m²—on 21 April 2025. The project will be delivered within 18 months from the hand‑over date of the site.
Contract value: approximately SAR 115,000,000 (exclusive of VAT).
Expected total cost: up to about SAR 150,000,000.
Financing: the project will be funded through the company’s credit facilities.
This agreement aligns with First Avenue’s strategy to expand its real‑estate portfolio and achieve sustainable growth, thereby meeting shareholder expectations and strengthening its position in the real‑estate |
| Related Parties | N/A |
| Attached Documents |  |
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