Saudi Listed Dar Al Majed Wins $56 Million Riyadh Housing Contract

Saudi-listed Dar Al Majed Real Estate Co. has secured a 211.6 million-riyal ($56.4 million) contract to develop a residential project in Riyadh, adding to a growing pipeline of housing developments in the capital as Saudi Arabia seeks to expand homeownership and housing supply.

The company was appointed exclusive developer of the project by Jadwa Al Manzel Real Estate Fund, according to a Tadawul filing on Wednesday. The development will span a 27,000-square-metre site in Riyadh’s Al Khuzama district and be delivered under a cost-plus model over 24 months. Residential units will be marketed and sold under Saudi Arabia’s off-plan sales regulations.

Dar Al Majed, known as Almajdiah, reported net profit of 262 million riyals in 2025, up 22.6% from a year earlier. The developer has also outlined plans to expand its footprint beyond Riyadh into Jeddah and Madinah as it grows its residential and mixed-use portfolio.

Acting Chief Executive Officer Abdulsalam Al Majed serves on the board of Jadwa Al Manzel Real Estate Fund as a company representative, while Dar Al Majed owns a 10% stake in the fund’s units.