With an investment value of 1.2 billion U.S. dollars, Sani Al-Amiriyah, a to build 9,658 residential units in the cities of Jeddah and Dammam; this follows the signing of an agreement with the Ministry of Housing and the National Housing Company on the sidelines of the \u201cFuture Investment Initiative,\u201d which was recently held in the capital, Riyadh.<\/p>\n
Under this agreement, Sani Al-Amiriya\u2014a joint venture between the Chinese company Sani and Al-Amiriya Real Estate Investment Company\u2014will begin implementing three residential projects on land owned by the Ministry of Housing under the name \u201cSunset Hills.\u201d The first project, located in the Prince Fawaz neighborhood of Jeddah Province, aims to provide 6,512 residential units in the form of apartments. The other two projects are in the city of Dammam and will provide 1,632 villas and 1,514 apartments.<\/p>\n
The company is expected to begin implementing its projects next month, with the first phase of residential units scheduled for delivery in 2020. These three projects are among those announced as part of the \u201cSakani\u201d program in partnership with the private sector.<\/p>\n
On this occasion, Bandar bin Mohammed Al-Amri, Chairman of the Board of Directors of Sani Al-Amiriyah Company, explained that, under this agreement, work on the three projects will begin and they will be delivered according to the specified timeline, with implementation set to begin on November 1, with the first phase of residential units to be delivered in 2020. .<\/p>\n
He added that there are a number of objectives to be achieved through this alliance, including localizing technology by establishing two factories in Jeddah and Dammam, as well as the construction of factories for construction equipment to meet the needs of the local market and for export to the Gulf Cooperation Council (GCC) countries and the Middle East. He emphasized that among the priorities of \u201cSani Al-Amiriya\u201d is to train Saudi youth at the Sani International Group\u2019s institutes in China and employ them in our factories and projects in the Kingdom over the next three years.<\/p>\n
For his part, Hejin Gao, General Manager of Sani Al-Amiriya, affirmed that the Kingdom\u2019s investment environment in the real estate sector is attractive. Given the government\u2019s commitment to strengthening partnerships with the private sector and stimulating foreign investment in this sector, we have signed an agreement with the Ministry of Housing to meet the high demand for housing in the Kingdom by building thousands of high-quality residential units while ensuring a suitable living environment.<\/p>\n
He noted that the Chinese company Sani has a number of projects in various countries around the world, including a contract to build 50,000 units in Malaysia over five years at a rate of 10,000 units per year, noting that they aim to increase or double this number in Saudi Arabia, given the attractive business environment and significant incentives from the Ministry of Housing. He emphasized that the Chinese company \u201cSani\u201d possesses modern German construction technologies of very high quality.<\/p>\n
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Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>With an investment value of US$1.2 billion, the Sani Al-Amiriyah \u201cSaudi-Chinese\u201d consortium to construct 9,658 residential units in the cities of Jeddah and Dammam; this follows the signing of an agreement with the Ministry of Housing and the National Housing Company on the sidelines of the \u201cFuture Investment Initiative\u201d held recently in the capital, Riyadh. Under this agreement, Sani Al-Amiriyah, formed as a consortium between Sani \u2026 Read 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