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The Municipalities and Housing Ministry plans to deliver 16k new residential units worth SAR 4.8 bn within one year, the ministry revealed on the second day of Cityscape Global. This is in addition to a partnership between the PIF’s Saudi Investment Recycling Company (SIRC) and Eastern Amana introducing projects worth SAR 8 bn, according to separate posts on X (here and here).
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The details: The Eastern Province and SIRC will collaborate on a 1.6 mn sqm sustainable city worth SAR 7 mn, in addition to development projects for logistics spaces and industrial cities spanning 5 mn sqm at an investment ticket of SAR 800 mn (watch, runtime: 1:51).
NHC is also making moves: The National Housing Company (NHC) signed a preliminary MoU with South Korea’s Naver Cloud Corporation to set up a joint investment portfolio valued at over SAR 2 bn, which will work to introduce Naver’s business models to the Kingdom, according to a statement. NHC closed sales transactions worth SAR 2.2 bn during the first day of the forum, according to another post on X.
The Qassim Province signed investment agreements worth a combined SAR 180 mn, split between an administrative, hospitality, and retail tower (SAR 91 mn); a development and operation contract for parking facilities (SAR 51 mn); establishing a specialized markets city (SAR 25 mn); and a contract for the operation and maintenance of King Abdullah Park (SAR 13 mn), according to a post on X.
Other notable agreements:
- Tatweer and NHC signed an MoU for the development of a mixed-use project in Jeddah at an investment ticket of SAR 1.5 bn, according to a press release ;
- Azhar Company signed an agreement with China’s Holon to establish a factory for producing pre-fabricated, modular housing units, its CEO Jamal Rajab told Al Eqtisadiah. The factory is slated to have a production capacity of 10k sqm per day.
