The Daewoo E&C Consortium has unveiled the master plan for the $20 billion Dahyat Alfursan New City project in Riyadh, the company said in a statement.

 

The contract for the project, which is jointly implemented by the Saudi government and the Daewoo E&C-Hanwha E&C-SAPAC Consortium, will be signed soon.

 

In March, two South Korean companies signed a memorandum of understanding (MoU) with Saudi Arabia’s housing ministry to build a new city with 100,000 houses in the kingdom at a total cost of $18 billion to $20 billion.

 

Daewoo E&C and Hanwha E&C Corp. will join a consortium led by SAPAC, a Saudi-based builder, to construct the new city, which will be located 14 kilometers east of Riyadh’s King Khalid International Airport, known as Dahyat Alfursan.

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