One contract was signed at GOSI headquarters between GOSI Gov. Soliman bin Saad Al-Humayyd and Alredwan Contracting Company, jointly with Seder Contracting Group, for a total value of SR306 million.
Another contract was signed with the Center for Architectural and Engineering Consultation for SR5.6 million.
The project, consisting of 207 housing units, is expected to be finished in 854 days.
This is part of GOSI's plans to meet its increasing obligations to beneficiaries of its social insurance scheme in which investment returns are a key source of revenue.
Abdulaziz bin Abdullah, assistant governor for investment, said the project had been carried out on the basis of an extensive economic study, adding that GOSI looked forward to see this project as one of the pioneering residential projects in Riyadh.
Earlier, GOSI constructed its first housing project composed of 266 housing units in the DQ. At present, work on its investment project in the central area of Madinah is in progress. It will be a hotel with 540 rooms, in addition to 700 housing units in Jubail Industrial City. GOSI is also studying the development of other sites that it owns.
GOSI has invested in various real estate projects. It has constructed 4,382 housing units in various parts of the Kingdom.
It also has considerable shares in a number of companies that deal with real estate development and finance.
