Saudi’s Maaden awards $260m housing deal

Saudi Arabian miner Maaden has awarded an SAR1bn (US$260m) contract to Azmeel Contracting & Construction Company to build a new housing project to accommodate its employees.

The deal, which includes procurement and engineering, is for the first phase of Maaden’s Mutrafiah Housing Project at Jubail Industrial City, which includes 800 villas set for completion late next year. When finished in its entirety, Mutrafiah will comprise 3,600 villas.

"Our employees are our partners in success; their dedication and performance will help Maaden achieve our vision of becoming a world class minerals enterprise. Today's announcement is an investment in them," said Maaden CEO Engineer Khalid Al-Mudaifer.

As well as Mutrafiah, Maaden is currently building more than 250 family apartments in Jubail’s Jalmudah District, with the first batch of units scheduled to be handed over in the second quarter of this year.