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FINANCIAL NEWS
Sadui Arabia awards contract to US-based Parsons
03 Nov 2011
(MENAFN) Saudi Ministry of Housing awarded a contract for a US-based company to design a plan to construct thousands of new homes in the kingdom, Arabian Business reported.
The contract, awarded to Parsons company, is part of a programme to build 500,000 houses over the next few years.
The plan includes 11 sites spread across the kingdom with a total construction ara of 32 million sqm.
Under the contract, Parsons will be responsible for master planning, neighbourhood planning, infrastructure design, and the design of various housing types, as well as construction supervision of all 11 developments.
Real estate service company Jones Lang LaSalle estimates annual demand for housing in the kingdom to range between 150,000 and 200,000 units per year.
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