The contract covers the full construction and turnkey finishing of 213 residential units, consisting of standalone villas and townhouses across two plots, with a total built-up area of 109,352 square meters on a 361,047-square-meter land parcel. The contractual execution timeline is set at 27 months.
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The scope also encompasses comprehensive soil stabilization, internal road networks, civil infrastructure installations, artificial lagoons, and complete landscape works to ensure integrated delivery across the development phase.
Shary's take: what it means for buyers and investors
Awarding this substantial contract signals strong execution momentum for luxury coastal developments along the Red Sea, bolstering buyer confidence in delivery schedules. For investors, rapid construction progress in this premium segment helps protect asset valuations and reinforces long-term capital appreciation potential.
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published 5 November 2026
