Two South Korean companies have signed a memorandum of understanding (MoU) with Saudi Arabia’s housing ministry to build a new city with 100,000 houses in the kingdom, Seoul-based Yonhap news agency reported.
The project’s total cost is estimated in the range of $18 billion to $20 billion.
Under the terms, Daewoo E&C and Hanwha E&C Corp. will join a consortium led by SAPAC, a Saudi-based builder, to construct the new city, which will be located 14 kilometers east of Riyadh’s King Khalid International Airport.
The city, known as Dahyat Alfursan, will be built on a 38-square-kilometer land plot, providing housing for 600,000 people.
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