The Saudi Arabian General Investment Authority (SAGIA) has awarded a consortium of US and Saudi businessmen a license to build a multi-billion dollar mixed use property development over 9.75 million square meters in Riyadh, Reuters reported.
The Saudi government, which faces affordable housing shortage, has been seeking public-private partnerships (PPP) with international investors as part of its 2030 strategic economic plan.
The Chicago-based consortium, Global Business Ventures, said on Friday it planned to build up to 25,000 housing units and 1 million square feet of commercial space at three sites north of Riyadh.
Neither the value of the deal nor the timeframe were disclosed.
In May, Housing Minister Majed Al-Hogail told Reuters the ministry was planning a $100 billion project to build 1 million low-cost homes over the next five years through PPPs with local and international developers.
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