Saudi Arabia enters three key housing deals
RIYADH, October 26, 2018
Saudi Arabia's Ministry of Housing has announced the signing of three key agreements in the housing sector.
Eskan Program, one of the programmes to achieve the Kingdom Vision 2030, signed two agreements and a memorandum of understanding in this respect.
The kingdom aims to bring the best international technologies working with specialised companies in the field, said a Saudi Press Agency report.
The agreements include:
* A memorandum of cooperation between US-based Katerra and the Eskan Program to introduce modern and rapid construction methods to Saudi Arabia. This memorandum aims to build 50,000 housing units annually and six to eight plants specialised in modern construction technologies, in addition to creation of 15,000 jobs.
* A memorandum for the development of a residential project at the Al Asfar project worth $2.7 billion between PowerChina International Group, the Ministry of Housing and National Housing Company. It is planned to build 17,000 housing units over the next six years.
* A memorandum between the Sakani program, Alameriah and Sany (a Saudi-Chinese partnership) to develop residential projects. An investment of $1.2 billion is planned to build three housing projects with 9,500 units in Dammam and Jeddah.
Dr Majed bin Abdullah Al Hogail, Minister of Housing, said these agreements will contribute to provide housing units with high quality and suitable prices, in addition to the creation of more than 15,000 jobs.
