Korean builders ink MoU to join Saudi housing project

24/03/2016 Argaam

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.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.