Riyadh-Mubasher: Saudi Arabia’s housing ministry is close to signing contracts with 10 foreign real estate development companies, sources told Al-Hayat newspaper.
The developers will build nearly 50,000 residential units in the kingdom, as part of the ministry’s plan to meet the growing demand for units.
The companies are expected to be from South Korea, Singapore, Malaysia, Egypt and Turkey.
After signing contracts with national companies for nearly 56,000 units, the kingdom still needs giant companies to implement similar mega projects, the sources said.
“The ministry is currently activating the legislation mechanism and setting standards for the project specifications, as well as obligating developers to comply with the quality specifications,” said the sources.
They added that the move came after several projects were stalled in several Saudi cities.
