News

Saudi announces $4.4 billion of construction and housing deals

RIYADH (Reuters) – Saudi Arabia’s government has signed deals worth $4.4 billion to develop its housing and construction sectors, the state investment promotion agency said on Thursday.

The deals, reached on the sidelines of a major business conference in Riyadh, include an agreement by U.S.-based construction company Katerra to help a Saudi housing aid program to use modern building methods.

China’s PowerChina International Group signed a $2.7 billion memorandum with the Saudi Ministry of Housing to build 17,000 homes over the next six years, the investment agency said.

A Saudi-Chinese partnership named Sany has also agreed to cooperate with the government in real estate development.

Reporting by Andrew Torchia; Editing by David Goodman

http://feeds.reuters.com/~r/reuters/businessNews/~3/jzr4C8b5ccQ/saudi-announces-4-4-billion-of-construction-and-housing-deals-idUSKCN1MZ13R

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