Emaar The Economic City (Emaar EC) has inked a one-year memorandum of understanding (MoU) with the Saudi housing ministry, which will promote and sell some of the developer’s existing or under-construction residential units in King Abdullah Economic City (KAEC), the company said in a statement.

 

The deal falls under the kingdom’s recently unveiled National Transformation Program to promote private-public partnerships (PPP), as well as plans to support the housing industry.

 

As part of a push to provide more housing opportunities for Saudi citizens, the government is looking to collaborate with private firms that could develop new residential projects on state-owned lands.

 

Last June, Emaar EC discussed possible partnerships with the housing ministry to build affordable residential units in the kingdom.

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