Saudi Arabia signs more than SR40 billion deal to develop local infrastructure in 11 cities｜Arab News Japan
RIYADH: Saudi Arabia’s Ministry of Municipal and Rural Affairs and Housing signed an agreement with the National Housing Company worth more than SR40 billion ($10.6 billion) to develop the infrastructure of 11 cities around the Kingdom.
The agreement, which deals with financing and developing a portfolio of projects between the ministry and the National Housing Company, was signed during a ceremony held under the patronage of the Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail, and in the presence of Minister of Tourism Ahmed Al-Khateeb, Minister of Environment, Water and Agriculture Abdulrahman Al-Fadhli, and Minister of Transport and Logistics Saleh Al-Jasser.
This agreement provides more than 150,000 housing units of varying sizes and designs, covering 11 cities in the Kingdom. It also covers an area of more than 90 million square meters, while around 54 million square meters will be allocated for green and open spaces, public facilities, road networks and public transport.
The population capacity resulting from this agreement will reach 750,000 people.
The National Housing Company, in partnership with developers, will invest more than SR40 billion in the portfolio of these projects to develop comprehensive infrastructure, service delivery, and develop a range of quality of life facilities.
The company is the leading enabler of the real estate development sector and the largest major developer of suburbs and residential communities, and aims to increase the real estate supply in the Kingdom with various housing options, as part of the company’s endeavor to achieve objectives of the housing program as part of the Kingdom’s Vision 2030, by raising the proportion of housing ownership for Saudi families to 70 percent.
The signing of the agreement came on the sidelines of the Exhibition of Projects of Distinguished Cities under the patronage of King Salman, which is being organized by MOMRAH from Sept. 24 to 28 in Riyadh, in which the National Housing Company is participating as a strategic sponsor.