Saudi Arabia’s Ministry of Municipal and Rural Affairs and Housing (MOMRAH) has signed an agreement with the National Housing Company in order to develop the infrastructure of 11 cities around the Kingdom.
The agreement, which is worth more than $10.6 billion (SR40 billion), provides more than 150,000 housing units of varying sizes and designs, covering 11 cities in the Kingdom.
The agreement, which deals with financing and developing a portfolio of projects between the ministry and the National Housing Company, was signed on the sidelines of the Exhibition of Projects of Distinguished Cities under the patronage of King Salman bin Abdulaziz Al Saud.
According to the statement, “It also covers an area of more than 90 million square meters, while around 54 million square meters will be allocated for green and open spaces, public facilities, road networks, and public transport. The population capacity resulting from this agreement will reach 750,000 people.”
The National Housing Company, in partnership with developers, will invest more than $10.6 billion in the portfolio of these projects to develop comprehensive infrastructure, service delivery, and develop a range of quality-of-life facilities.
The company is the leading enabler of the real estate development sector and the largest major developer of suburbs and residential communities. Further, it aims to increase the real estate supply in the Kingdom with various housing options.
Furthermore, MOMRAH signed an agreement with Human Resources Development Fund (Hadaf), in order to train and employ more than 20,000 Saudi employees on-the-job in the community monitoring track.