18 August 2019
Saudi Arabia's Ministry of Housing is expected to issue the main tender for its $700 million Nabd Qiran Saudi Housing Development project in Riyadh in the third quarter, according to a source close to the project.
"Detailed design is expected to be completed in August, and the tender for the main construction work is scheduled to be released by mid-September," the source told Thomson Reuters Projects.
The contract award is likely by the second week of December this year, he said.
The project, he continued, involves the construction of a total of 4,385 residential units comprising 1,246 townhouses and 3,112 apartments; five mosques; four schools; six play areas and a health centre along with associated facilities.
The project is scheduled for completion by December 2022, he added.
The source also disclosed that Saudi Consolidated Engineering Company (Khatib & Alami) has been appointed as the design, lead and structural consultant.
Saudi Arabia's Vision 2030 programme has set a target of increasing the percentage of home ownership among Saudi citizens to 60 percent by 2020.
(Reporting by Senthil Palanisamy; Editing by Anoop Menon)
Our Standards: The Thomson Reuters Trust Principles
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal
© Thomson Reuters Projects News 2019