Tamear secures $90m Riyadh business park contract

Saudi Real Estate Construction Company (Tamear) has been awarded a SR338.7m ($90.2m) contract to develop a new business park in Riyadh’s Al Narjis district, according to an announcement published by the company.

The contract was issued by Saudi Real Estate Company (Al Akaria) and covers the construction of an integrated commercial destination featuring office space, dining outlets, outdoor plazas and landscaped areas.

The development is intended to cater to growing demand for modern work environments in the Saudi capital as the city continues its wider economic transformation.

Tamear will be responsible for core civil works as well as all construction, architectural, mechanical and electrical elements. The scope also includes external works and finishing, with the company stating that delivery will follow what it described as the highest industry standards.

Tamear construction contract

Khalid Alsehaibany, Acting CEO of Al Akaria, said the award reflects the company’s commitment to supporting the evolution of Riyadh into a major global economic hub. “This project translates our commitment to delivering integrated environments that support the business sector and align with the Kingdom of Saudi Arabia’s ambitions in elevating Riyadh to a global economic hub,” he said.

He added that the business park forms part of Al Akaria’s strategy to deepen its presence in the commercial sector and offer workplaces that match the expectations of entrepreneurs and established companies alike.

Mohammed Abunayyan, CEO of Tamear, said the win highlights the company’s strength in complex project delivery. “This milestone reflects our strong partnerships and commitment to excellence in the construction sector,” he said. “Winning Al Narjis Business Park reaffirms our dedication to quality and professionalism, marking another step toward delivering projects that embody our vision and aspirations.”

The development comes at a time of sustained construction activity across Riyadh, supported by large-scale investment linked to Saudi Arabia’s Vision 2030 economic diversification agenda. Demand for high quality commercial and mixed-use space has risen in line with the city’s growing population, expanding corporate footprint and ongoing government commitments to position Riyadh as a leading regional centre for business.

Al Akaria and Tamear have worked together on previous projects and both companies said the award underlines their continued cooperation. The business park will form part of a wider pipeline of real estate and infrastructure projects under way across the capital, aimed at improving the city’s liveability and economic competitiveness.