Saudi Housing Ministry signs residential real estate deals worth $4.4bn on FII sidelines

The last deal was concluded with SANY-Alameriah, a Chinese-Saudi partnership, and the Sakani program worth $1.2 billion, for the “Telal Alghoroob” project in Jeddah. (Screenshot: YouTube/Majid Enani
Updated 26 October 2018

Saudi Housing Ministry signs residential real estate deals worth $4.4bn on FII sidelines

RIYADH: The Saudi Ministry of Housing has signed three residential real estate development agreements worth $4.4 billion, the Saudi Arabian General Investment Authority (SAGIA) announced on Thursday on the sides of the Future Investment Initiative in Riyadh.
One of the deals was a $2.6 billion memorandum signed between China’s PowerChina International Group, the Saudi Ministry of Housing, and National Housing Company, which aims to build 17,000 homes over the next six years in the Al-Asfar project.
The second contract was between US-based Katerra, a construction-tech startup owned by Japan’s SoftBank, and the Eskan Program to improve the speed and efficiency of construction methods in the Kingdom.
The last deal was concluded with SANY-Alameriah, a Chinese-Saudi partnership, and the Sakani program worth $1.2 billion, for the “Telal Alghoroob” project in Jeddah, where it aims to provide more than 6,500 apartments.
The two other phases in Dammam will provide 1,632 villas and 1,514 apartments.
The chairman of Sany-Alameriah, Bandar bin Mohammed Al-Ameri, said that the implementation would begin on Nov. 1, and the delivery of the first phase of housing units would be during 2020.
Mr. Hejing Gao, general manager of Sany-Alameriah, said: “The high demand for housing in Saudi Arabia and the government’s direction to initiate partnerships with the private sector and stimulate foreign investment have created an attractive environment for investment in this sector.
“We look forward to initiating the partnership we have agreed with the Ministry of Housing to build thousands of housing units.”


Prince Khalid says Saudi Arabia’s 90th national day renews pride 

Updated 7 min 10 sec ago

Prince Khalid says Saudi Arabia’s 90th national day renews pride 

Saudi Arabia’s Vice Minister of Defense, Prince Khalid bin Salman congratulated King Salman and Crown Prince Mohammad bin Salman, and the people of the Kingdom on National Day. 
“(National Day) renews pride in our past,” the prince said on his official Twitter account on Wednesday, adding that it increased the nation’s ambition for its future.
“On National Day we recall the glories of the founding founder, King Abdulaziz - may God rest his soul - and the heroism of the faithful who sacrificed their lives for our homeland,” he said. 
Saudi Arabia marked its 90th National Day with an announcement from the General Entertainment Authority that the first concert will be held under the motto “mettle to the top,” and feature superstars Rashid Al-Majed and Aseel Abu Bakr in Green Halls in Dammam.
This year, Saudi Arabia marks its national day amid the coronavirus global pandemic.

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