Maaden has concluded a contract with Azmeel Contracting & Construction Company for the engineering, procurement and construction of a new housing project for Maaden employees.
The SR1 billion ($266.6 million) contract is for the first phase of the Mutrafiah Housing Project at Jubail Industrial City, which includes the construction of 800 villas, the first of which will be available for occupancy in late 2014.
In its entirety, the Mutrafiah Housing Project will include 3,600 villas, representing a milestone in the Maaden Home Ownership Program (HOP) for employees.
All the villas and apartments are to be built at Jubail Industrial City within the confines of the Royal Commission lands which provide ready access to all the amenities required for a modern urban lifestyle, built in a green environment with close proximity to the sea.
"The HOP program demonstrates Ma'aden's commitment to the security, health and well-being of its employees by helping to provide them with comfortable family housing," said Maaden CEO Khalid Al-Mudaifer.
"Our employees are our partners in success; their dedication and performance will help Maaden achieve our vision of becoming a world class minerals enterprise. Today's announcement is an investment in them."
In addition to the Mutrafiah Project, another 256 family apartments at Jalmudah District in Jubail industrial City are currently under construction with the first batch of units targeted to be handed over by Q2 2013 for occupancy.
Maaden has appointed AECOM Arabia Ltd. as the Project Management Consultant to assist in managing their housing projects in Jubail Industrial City.