March 23, 2018 / 9:20 AM / 6 months ago

U.S.-Saudi consortium to build mixed use property development in Riyadh

RIYADH (Reuters) - The Saudi Arabian General Investment Authority (SAGIA) has awarded a consortium of U.S. and Saudi businessmen a license to build a multi-billion dollar mixed use property development over 9.75 million square meters in the Saudi Capital.

Facing a shortage of affordable housing, the government has been seeking partnerships with international investors to participate in its PPP (public/private) programs, 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.

Its statement did not give any details on the value of the contract or the timeframe of the projects.

In May, Saudi 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.

Reporting by Marwa Rashad; Editing by David Evans

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