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FINANCIAL NEWS
Saudi Arabia to ink deals under USD100bn project
04 May 2017
(MENAFN) Saudi Arabia is close to make deals with S. Korean and Chinese firms under an USD100bn project in order to build 1mn low-cost homes in the coming five years.
Last year, the government inked memorandums of understanding with the cited nations to develop some 200.000 properties on state land, will receive final offers from the firms by mid-May.
Furthermore, state funds will offer seed capital, while Riyadh hopes private firms and banks will offer much of the investment and bear some of the risk.
Meanwhile, the kingdom is developing public/ private programs with regional and global developers and hopes to have both of them by adopting new building techs.
MENAFN0405201700450000ID1095450688
MENAFN0405201700450000ID1095450688
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