Smart Parking KSA 2017
 
Tuesday, July 25, 2017
Directory Directory Subscribe
Login
 

Korea led consortium inks $20 billion Saudi housing deal

 
 

Please, enter data

Please, enter data

Arabian Business, 29 March 2016

A consortium including Korean group Hanwha Engineering & Construction has inked a $20 billion deal to build 100,000 homes in Saudi Arabia, according to local media.

The development will reportedly represent the largest ever project that a Korean builder has clinched from a foreign country, Hanwha said in a statement.

The consortium, which also includes Korea’s Daewoo Engineering & Construction and Saudi construction firm Saudi Pan Kingdom for Trading, Industry & Contracting (Sapac) signed a memorandum of understanding (MoU) with Saudi Arabia’s Ministry of Housing to build the new city development project close to Riyadh International Airport.

The MoU signing took place in Seoul, reported English language daily Korea Herald.

A Hanwha spokesman said: “We will supply 100,000 houses and city infrastructure in Alfursan near the Riyadh International Airport and this will be a landmark deal for Korea’s overseas construction history in terms of the size.”

The spokesman added: “It is too early to tell the details of the deal, but the consortium expects to push for the mega project with a stable financing source, backed by the Saudi government.

“The company has sought the deal, which will be helpful to cement its reputation as a global city developer in the Middle East, following the ongoing Bismayah new city project in Iraq,”

Hanwha is helping to build one of Iraq’s biggest new developments in recent years – the Bismayah city project 10km southeast of Baghdad on the Iraqi-Kuwaiti Highway.

The project is spread over 1,830 hectares and is planned to accommodate 600,000 occupants in around 100,000 residential units.

The Saudi Ministry estimated last year that the kingdom’s lack of housing infrastructure would require three million new homes by 2025, based on projected growth of the population.

Parent company Hanwha Life reported in February that it had reached a new milestone of $82.2 billion in total assets. It said the company is on course to exceed $164.4 billion of assets by 2024.
Arabian Business
29 March

  COMMENTS
Login to Add Your Comment  (for subscribers) | Subscribe

 

Latest News

Egypt on the road to macroeconomic stability
Euromonitor International, 25 July 2017

Euromonitor International’s Egypt Economy, Finance and Trade Country Briefing focuses on one of the Arab world’s largest and most populous economies ...

Read full story
Egypt on the road to macroeconomic stability
Airport redevelopment part of Bahrain’s wider infrastructure push
Oxford Business Group, 25 July 2017

Bahrain’s Ministry of Transportation and Telecommunications in June selected French technology company Thales and ...

Read full story
Airport redevelopment part of Bahrain’s wider infrastructure push
Chinese equipment manufacturers expand in the Middle East
ME Construction News, 25 July 2017

After weathering the recent dip in the Middle East’s construction and equipment sector, Chinese manufacturers have settled on a ...

Read full story
Chinese equipment manufacturers expand in the Middle East
Ryanair makes 'non-binding' offer for Alitalia
AFP/The Local, 25 July 2017

Ryanair has made a "non-binding offer" for its Italian rival Alitalia, the Irish no-frills carrier said.

"We have made a ...

Read full story
Ryanair makes 'non-binding' offer for Alitalia
Back to Home Page 2309 --- 0 <><><> 560.83333333333.....exvideo=0....eximage=0
P 0
BR 22

Smart Parking KSA 2017

 
Electric Vehicles UAE
26 - September 2017
3rd Annual Smart Parking UAE
27 - September 2017
2nd Annual Future Drainage & Stormwater Networks Dubai
2 - October 2017
Future Play and Playspaces KSA
2 - October 2017
2nd Annual Future Accessibility & Assistive Technology Dubai
8 - October 2017
 
  View more  

Market Indecies
 
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%
 

Future Landscape & Public Realm Qatar 2017

Quick Links
  Reports  
  Articles  
  Brochures & Flyers  

Up-coming events
IFP Group Events Calendar

Magazine sections
  Finance  
  Zoom  
  Growth Markets  
  Regional Overview  
  Editorial  
  Tips and Tricks  
  Spotlight  
  Home Finance  
  Our Meetings
 
  Focus
 
  News
 
  Legal Issues
 

 

               
IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
Lebanon
Energy Lebanon
Project Lebanon
Qatar
Hospitality Qatar
HQ - Food Qatar
Project Qatar
Iraq
Energy Iraq - Erbil
Erbil International Fair
Iraq Agro-Food - Erbil
Project Iraq Erbil
Saudi Arabia
Riyadh Motor Show
 
 
  IMC
IFP Group 2017 - © All rights reserved