A joint venture comprising the local Ajdan Real Estate Development and Al-Oula Holding has received bids from contractors for the main building work on a mixed-use project in Saudi Arabia’s eastern province.

A contract award for the first phase of the Ajdan Waterfront project in the city of Khobar is expected by the end of the first quarter of this year, according to a number of sources close to the scheme.

The scope of work for the $150m phase involves the construction of two towers at 40-storeys each, comprising 180 residential units as well as a 275-key hotel.

The Ajdan Waterfront project is a mixed-use development expected to be completed by the end of 2020. Once complete the project will have seven towers, with a built up area of 450,537 square metres.