Riyadh – Mubasher: A consortium comprised of South Korean and Saudi companies plan to build 100,000 housing units in the kingdom over the coming ten years, said Housing Minister Majed bin Abdullah Al Hogail.
He noted that a feasibility study would be prepared in the coming six months for the project.
The kingdom signed agreements with more than 11 developers to establish 50,000 housing units, said the minister, adding that more agreements would be reached with local and foreign developers on more investments across the kingdom.
Yonhap News Agency reported earlier this month that two major South Korean building companies, including Daewoo Engineering & Construction Co. would join a large-scale new town construction project in Saudi Arabia.
Daewoo E&C and Hanwha Engineering & Construction Corp. signed a memorandum of understanding with the Saudi Arabian government in Seoul, under which they will join a consortium to build a new town on a 38-square-kilometer land site.
The town will be located 14 kilometers east of King Khalid International Airport in Riyadh. The consortium they will join is led by a local builder named SAPAC.
