Housing Ministry Signs Three Agreements in FII2018

Thursday 1440/2/16 - 2018/10/25
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Riyadh, Safar 16, 1440, Oct 25, 2018, SPA -- The Ministry of Housing announced today that Eskan Program, one of the programs to achieve the Kingdom Vision 2030, signed two agreements and a memorandum of understanding aiming at attracting more investments in the housing and construction sectors. Upon these agreements, the Kingdom aims to bring the best international technologies and further alliances with the best specialized companies in the field.
The investments announced today are:
- 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 6 to 8 plants specialized in modern construction technologies in addition to creation of 15,000 jobs.
- A Memorandum of residential real estate development on the Al Asfar project worth USD 2.7 billion between PowerChina International Group, the Ministry of Housing and National Housing Company to build 17,000 housing units over the next six years. It's expected that this project provides 4,000 jobs in the housing sector.
- A Memorandum of residential real estate development on the Telal Alghoroob project between the Sakani program, Alameriah and Sany (a Saudi – Chinese Partnership). This investment amounts to USD 1.2 billion to build three housing projects with 9500 housing units in Dammam and Jeddah.
17:40 LOCAL TIME 14:40 GMT