Kingdom Holding Company, the conglomerate owned Prince Alwaleed bin Talal, has signed a deal with the Subul Development Company for the sale of land in the Kingdom Riyadh Land project for $66.5m, it was announced on Wednesday.
The mixed use commercial and residential development will generate more than $5.33bn of total investment and will house more than 75,000 people, the US-Saudi Business Council said in a report.
The final master-plan contract was awarded to Omrania & Associates and Barton Wilmore.
Kingdom Holding also awarded an enabling works contract to the Saudi Bauer Foundation Contracting, a division of Bauer Spezialtiefbau GmbH, for the construction of Kingdom Tower in Jeddah.
The contract is worth $32.24m and will include the installation of 270 bored piles, with diameters of 1.5m and 1.8m.
The enabling workers are scheduled to begin before the end of 2012 and will take around 10 months to complete.