Saudi Arabia inks $10.6bn city infrastructure deal
RIYADH, September 26, 2022
Saudi Ministry of Municipal and Rural Affairs and Housing (Momra) has signed an agreement worth more than SR40 billion ($10.6 billion) for the development of infrastructure in 11 cities across the kingdom, reported the Saudi Press Agency.
The deal will provide over 150,000 residential units of various size and design in addition to 54 million sq m green and open spaces as well as other key public facilities, road networks and public transport.
The agreement also included financing and developing a project portfolio between Momra and the National Housing Company (NHC), stated the SPA report.
The kingdom's largest real estate developer NHC is currently working with a range of real estate developers on comprehensive infrastructure projects, as well as delivering key amenities in residential communities, it added.
