The Saudi Egyptian Construction Co. (Secon) will offer tenders for the second and third phase of its Riyadh residential project in New Cairo within the next four months, Al Borsa reported on Tuesday.

The company has assigned four real estate contractors to handle 40% of the project’s development, according to the company’s Chairman Darwish Hassanein.

Construction began three months ago on one of the lands acquired through a capital increase that was covered in equal parts by the Saudi and Egyptian governments, at a value of $243 mn. Saudi Arabia allocated $121.5 mn for the project, while the Egyptian government contributed its share through an in-kind payment of three land plots totalling 97 acres, according to Al Bawaba News.

The development will target the upper middle class and will contain 120 residential buildings with a total of 1,897 units, with floorplans ranging from 140 to 190 square meters.

Other projects will also be implemented in partnership between the Saudi and Egyptian government, including a touristic resort on 17 acres in New Damietta that will include residential units and a four-star hotel that managed by Hilton.