With a total value of 20 billion dollars (75 billion riyals), South Korea's Daewoo Engineering and Construction Company announced in Dubai, United Arab Emirates, the master plan for the construction of a new city “Dahiyat Al Fursan” in Riyadh. According to a company statement, the master plan announcement ceremony was attended by Ministry of Housing officials led by Housing Minister Majid bin Abdullah Al-Hogail, South Korean Ambassador to Saudi Arabia Kwon Byung-O, Daewoo Engineering and Construction President Park Chang-min, Hanwha Engineering and Construction President Choi Kwang-ho, and Trans-Kingdom Company Chairman Sulaiman bin Salim Al-Harbi.
A company statement said that the presentation revealed the master plan for the project. <The company's presentation to the Ministry of Housing revealed the master plan, architectural design and business plans for the project. The Daewoo representative said that his company will build the best new city for the Saudi people, stressing that the signing of the construction contract and work plan will be as soon as possible after the introduction of some new updates such as the application of smart technology, and the company indicated that if the consortium wins the final contract for this project, it will become the largest contract won by South Korean companies.
In March 2016, the Ministry of Housing signed a memorandum of understanding with the consortium of Daewoo Engineering & Construction, Hanwha Engineering & Construction and Trans Saudi Kingdom for Trade, Industry and Contracting Limited (SPIC) to develop 100,000 housing units south of King Khalid Airport in Riyadh.
The new city, Dahiyat Al Forsan, will include 100,000 housing units south of King Khalid Airport in Riyadh. <The project includes large commercial complexes, parks and gardens, government facilities and commercial services.
