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28Sep

MINISTRY OF HOUSING PARTNERS WITH KING ABDULLAH ECONOMIC CITY ON RESIDENTIAL PROJECTS

The Ministry of Housing and King Abdullah Economic City (KAEC) have signed an agreement incorporating KAEC’s Al-Shurooq project into the Ministry’s housing support program.

The agreement is the culmination of extensive efforts to strengthen cooperation between the Ministry and KAEC in achieving their strategic goals. The first phase of the program will release 175 three-bedroom apartments to Ministry of Housing beneficiaries in September. Significantly larger sized projects are scheduled for later release.

His Excellency Mr. Majid bin Abdullah Al Huqail, Minister of Housing, emphasized the importance of enhanced public-private partnership to achieve the goals of the National Transformation Program and Saudi Vision 2030.

“This agreement is part of our accelerating effort to provide the highest number of residential units with the best quality standards at appropriate prices,” said Minister Al Huqail. “We look forward to fruitful partnerships with leading private sector companies that can maximize all possible opportunities and achieve the desired results as quickly as possible, with the best quality.”

“The agreement with the Ministry of Housing reflects KAEC’s commitment to working in partnership with government to improve the lives of our mutual customers,” said Mr. Fahd Al-Rasheed, Group CEO and Managing Director of KAEC. “The selection of Al Shurooq by the Ministry is an affirmation of our ability to deliver high quality, residential products for all socioeconomic segments.”

“King Abdullah Economic City is a destination of choice for families and young people and for local and international companies,” added Mr Al Rasheed. “By creating opportunities in investment, housing, business and entertainment, KAEC is proving that the private sector can play a strategic role in achieving Vision 2030.”

About King Abdullah Economic City

King Abdullah Economic City (KAEC) is the largest privately-funded new city in the world. Situated on the west coast of the Kingdom of Saudi Arabia, KAEC covers an area of 181 square kilometers of land, approximately the size of Washington DC. KAEC comprises King Abdullah Port, the Coastal Communities residential districts, the Haramain Railway district and the Industrial Valley. The city is under development by Emaar, The Economic City, a publicly listed Saudi joint-stock company established in 2006.