Abdullah Abdul Mohsin al-Khodari and Sons, the Saudi Arabian contractor, has announced that it has been awarded a $170 million contract from a unit of the Saudi Arabian Mining Co (Ma’aden).

In a bourse filing to the Saudi Arabian Stock Exchange (Tadawul), the builder said it had received an award letter from Ma’aden Waad Al Shamal Phosphate Company for a Well Field Package in the company’s project in Waad Al Shamal.

It added that a further announcement would be made once the contract was signed, including the duration of the contract. Al-Khodari and Sons said that it expected the financial impact of the project to start being felt in the first quarter of the fiscal year 2015.

Ma’aden’s Waad Al Shamal project is considered to be a key example of the Kingdom’s attempts to diversify the economy away from oil and gas. Situated in the far north of the country, the project involved a total investment of $9 billion for a phosphate mine, several major processing facilities, smaller downstream facilities and a residential area, a Reuters report said.