Saudi Arabia has signed a deal worth $10.6 billion to develop the infrastructure of 11 cities around the Kingdom. The Ministry of Municipal and Rural Affairs and Housing signed the deal with the National Housing Company on the sidelines of the Exhibition of Projects of Distinguished Cities under the patronage of King Salman.
The agreement will cover infrastructure, service delivery, and facilities for a quality life. It includes more than 150,000 housing units for 11 cities in the Kingdom. The units will be of different sizes and designs and will cover an area of more than 90 million square meters. Of that, about 54 million square meters will be provided for green and open spaces, public facilities, road networks, and public transport. The agreement will benefit a population of 750,000 people.
The National Housing Company is a leading real estate player and the largest developer of suburbs and residential communities. It aims to increase the real estate supply in the Kingdom as part of the Kingdom’s Vision 2030.
