Riyadh — Mubasher: Hamad Mohammed Bin Saedan Real Estate Company has signed a construction contract with Raya Al Omran Contracting Company, according to a bourse filing.

Valued at SAR 13.76 million excluding value-added tax, the agreement was finalized on 23 August 2026 for the development of Dar Hamad 3 residential project.

The project involves the turnkey construction of modern residential units situated on a 9,600 square meter site in the Dahiyat Namar neighborhood of Riyadh.

The contract is scheduled for completion over a duration of 10 months. The development is part of Hamad Mohammed Bin Saedan Real Estate's broader strategy to expand its residential portfolio and provide sustainable housing solutions that optimize space and privacy.

Meanwhile, this follows the initial award date of 21 July 2026.

Hamad Mohammed Bin Saedan Real Estate expects the project to deliver a positive financial impact by enhancing revenues through the development and sale of these units.

According to the current execution timeline, the financial results of the project are anticipated to be reflected in the company's financial statements during the fourth quarter (Q4) of 2027.

The company further confirmed there are no related parties involved in the transaction.