9. US-Saudi consortium’s affordable homes
This March, Saudi Arabian General Investment Authority (SAGIA) awarded a multibillion-dollar license to a consortium of US and Saudi Arabian leaders to build affordable homes in Riyadh.
Chicago-based consortium Global Business Ventures received a license to build 25,000 housing units for a major mixed-use residential development in Riyadh that will boast 92,903m² of commercial space across three sites. Scott Sarver of Chicago-based architecture firm SMDP is behind the pre-development design. Two real estate firms have reportedly carried out site evaluation and feasibility studies.
Global Business Ventures is a mix of Saudi Arabian and US business leaders developing community projects that align with the Saudi Vision 2030 plan.
Residential development is continuing unabated in the kingdom. This May, it was revealed that up to 30,000 additional homes could be supplied in Jeddah by 2020, where the current supply stands at around 800,000 units.
The majority of this upcoming supply could be provided by Al Ra'idah Investment Company, owned by Saudi Arabia's Public Pension Agency. Al Ra'idah is expected to deliver 6,160 apartments and 1,180 villas across Jeddah in different phases.
Additionally, prominent residential developments, such as Gardenia Residence, Al Farida, al Mayar, Masharif, Diyar Al Salaam, and Al Hilal Tower 2, are also likely to boost residential supply in Jeddah.
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