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FINANCIAL NEWS
Saudi MODON, Mawten Real Estate ink USD33m housing deals
07 Mar 2012
(MENAFN) Saudi Industrial Property Authority (MODON) said that it inked USD33.05 million housing contracts with Mawten Real Estate Company, reported Arab News.
The company added that Mawten would invest the amount for the development of 2 residential complexes in Riyadh 2nd Industrial City.
It also said that the area of the residential complex, which would be set up by Mawten, is 18,000 square meters, whereas the area of the other complex is 16,000 square meters that include 1,773 residential units to accommodate 6,000 workers and technicians.
On the other hand, it noted that the industrial cities in Riyadh are the largest industrial complexes in the Middle East.
It is worth noting that at the current time, MODON is managing 2 private industrial cities, which comprise over 1,000 plants where around 120,000 employees and workers are employed.
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