The local Al-Rayadah Investment Company (RIC) has invited contractors to submit bids for construction packages on two housing developments in Saudi Arabia.

The first contract is for residential apartment buildings at its 2.4 million-square-metre, mixed-use residential project in the Obhur district of Jeddah. The contract will involve building more than 80 residential buildings and other facilities, such as retail units. RIC has set a bid deadline of 21 January for the construction deal.

In January 2012, the local office of KEO International was awarded a contract to provide project management services for the design and construction on the Obhur scheme, which will include 250 residential apartment buildings, 1,200 villas, a five-star hotel, a hospital, clinics, mosques, a commercial district, schools and municipal buildings. The development is scheduled to house about 10,000 people by the time it is completed.

For the second contract, RIC has invited contractors to submit bids for the infrastructure package on a housing project in Jizan. The contract will involve providing infrastructure for the whole development, which covers a total area of about 1.6 million sq m. The submission date for the infrastructure package is also 21 January.

RIC is becoming an increasingly major player in the kingdom’s construction sector. One of the largest developments it is currently executing is the King Abdullah Financial District (KAFD) project in Riyadh.

KAFD is located on a 1.6 million sq m site north of Riyadh and will offer commercial and residential districts along with hospitality, retail and recreational facilities. The financial district is one of the largest megaprojects currently under construction in the kingdom, with more than $6.2bn-worth of construction contracts having already been awarded on the scheme.