California-based Katerra Inc. has inked today a memorandum of understanding (MoU) with Saudi Arabia’s National Industrial Development and Logistics Program (NIDLP) and the Housing Program, in line with the Saudi Vision 2030.
The US building services provider seeks to participate in the Saudi Ministry of Housing’s plan to build 1.5 million residential units, the company’s ME and Asia president, Ash Bhardwaj said on the sidelines of the recently-concluded Future Investment Initiative (FII). Katerra is currently building five-ten homes a day, and is planning to increase the number to 175 homes/day, he added.
“We are using the top-notch building components and technologies and we are planning to build a new manufacturing facility in Saudi Arabia, which will provide 50,000 jobs,” Bhardwaj noted.
The MoU will help increasing the nationals’ home ownership in Saudi Arabia to 60 percent by 2020 and 70 percent by 2030, and also raising the number of homes to 100,000 a year.
US Katerra is a provider of end-to-end building as well as staffing services for construction projects, manufacturing facilities, warehouses.
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