Riyadh: Saudi Arabia’s national real estate developer ROSHN has signed an agreement with the Eastern Province municipality to improve the area’s urban landscape and quality of life.
According to the memorandum of understanding the two sides will collaborate on constructing model residential districts, as well as designing and implementing the urban code, infrastructure, and building controls inspired by the Eastern Province's urban legacy.
The agreement also seeks to identify appropriate sites and incorporate them into regional and local plans in accordance with the Strategic Vision for Regions and Cities.
David Grover, CEO of ROSHN Group – one of the Saudi Public Investment Fund's projects – said: “Today, we are working to develop urban concepts that represent the standards of quality of life and are compatible with the aspiration of Saudi society while depending on our trusted partners such as the Eastern Province Municipality.
“We are always proud to collaborate with government authorities to contribute to the improvement and growth of the Kingdom's urban landscape.”
The Mayor of the Eastern Province, Engineer Fahd bin Muhammad Al-Jubeir, signed the agreement along with Grover, and said: “This kind of agreement enhances the financial suitability and raises the bar quality of life and community’s development and construction.”
The signing of the MoU is part of the ROSHN’s commitment to creating urban communities throughout Saudi Arabia which feature pedestrian-friendly streets, green spaces, and retail facilities, as well as to hospitals, medical centers, mosques, and sports facilities.
Earlier this month, the real estate developer signed deals for SR6 billion ($1.6 billion) worth of credit facilities with three of the Kingdom’s leading banks as part of its strategy to obtain external funding for its projects.
The agreements were reached with the Saudi British Bank, Bank Albilad, and Al Rajhi for SR2 billion each, with the new credit facilities constituting a fundamental change in the real estate sector as well as a basis for diversifying financing.
The developer said the new financial agreements fell in line with the framework of its objective of building urban communities covering nine cities, including Riyadh, Jeddah, and Al-Kharj.