Arab News, Sunday, Sep 25, 2022 | Safar 29, 1444
Saudi Arabia signs more than SR40 billion deal to develop local infrastructure in 11 cities
Saudi Arabia:
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.