At a total cost estimated at tens of billions of dollars, the General Investment Authority has awarded a license to a consortium of American and Saudi businesspeople to build a mixed-use real estate project covering an area of 9.75 million square meters in the capital, Riyadh.
Government authorities are seeking to form partnerships with global investors to participate in their public-private partnership programs as part of the Kingdom’s strategic economic plan, Vision 2030.
Chicago-based Global Business Ventures said on Friday that it plans to build up to 25,000 residential units and 1 million square feet of commercial space at three locations in northern Riyadh.
The statement did not provide any details regarding the contract value or the timeline for the projects.
In May, Housing Minister Majed Al-Hogail told Reuters that the ministry is planning a $100 billion project to build 1 million low-cost housing units over the next five years through public-private partnerships with local and international real estate developers.
