Saudi Arabia Govt announces $4.4bn construction and housing initiative

The Saudi Arabian General Investment Authority (SAGIA) has signed three housing and construction deals worth $4.4bn.

The deals include an agreement by US-based construction giant Katerra to help a Saudi housing aid program. PowerChina International Group has also inked a $2.7bn memorandum with the Saudi Ministry of Housing to build 17,000 homes, as economic reforms sweep across the Kingdom.

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The third deal sees the Saudi-Chinese partnership named Sany working alongside the Saudi government in a massive boost to real estate development across the Kingdom.

Wu Wenhao, branch general manager and vice-president of PowerChina International Group Ltd told a press conference: “We are excited by the increased housing demand in Saudi Arabia and the clear plan by the Ministry of Housing and Sakani Program to meet this demand...”