The local Arabtec Saudi Arabia has been awarded an estimated SR5bn ($1.3bn) contract by the local Saudi Binladin Group (SBG) to build 5,000 new villas in the Eastern Province of Saudi Arabia.

Arabtec will prepare the site and build the villas over a 48-month period.

“The award of this project demonstrates the strategic importance of the Saudi market for Arabtec. This is the second major project awarded to Arabtec Saudi Arabia, the first being 46 buildings for part of the Princess Noura University project in Riyadh,” said Riad Kamal, chief executive, Arabtec Holding in a statement on 4 October.

Arabtec Saudi Arabia is an affiliate of Dubai-based Arabtec Holding.