US-Saudi consortium build mixed use property development in Riyadh

The Saudi Arabia General Investment Authority (SAGIA) has awarded a consortium of Saudi and US businessmen to build a multi-billion dollar mixed-use property development, 9.75 million square meters in size and in the Saudi capital, Riyadh.

As Saudi suffers from a shortage of affordable housing options, the government have been seeking international investors to join their PPP (public/private) programmes and develop affordable housing options for Saudi residents.

The US consortium, Global Business Ventures, said that they planned to develop 25,000 housing units and 1 million square feet of commercial space, north of Riyadh, across three sites.

Although the statement did not indicate the timeframe or value of the project, Saudi housing minister, Majed al-Hogail, announced the ministry was planning a $100 billion project to develop 1 million low-cost homes over the next five years, through PPPs with local and international developers.