US-Saudi consortium to build mixed-use properties in Riyadh

The Saudi Arabian General Investment Authority (SAGIA) has awarded a consortium of US and Saudi businessmen a license to build a multi-billion dollar mixed use property development over 9.75 million square meters in Riyadh, Reuters reported.

The Saudi government, which faces affordable housing shortage, has been seeking public-private partnerships (PPP) with international investors as part of its 2030 strategic economic plan.

The Chicago-based consortium, Global Business Ventures, said on Friday it planned to build up to 25,000 housing units and 1 million square feet of commercial space at three sites north of Riyadh.

Neither the value of the deal nor the timeframe were disclosed.

In May, Housing Minister Majed Al-Hogail told Reuters the ministry was planning a $100 billion project to build 1 million low-cost homes over the next five years through PPPs with local and international developers.