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

24/03/2018 Argaan

 

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.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read