18 August, 2019

Saudi Arabia is likely to issue main tender for Riyadh housing development in Q3

Project scheduled for completion in 2022

Image used for illustrative purpose. construction equipment's silhouette on sunset

Image used for illustrative purpose. construction equipment's silhouette on sunset

Getty Images/ Chaiyaporn Baokaew

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)

(anoop.menon@refinitiv.com)

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