Dubai’s Emaar in Talks to Build Housing Projects in Saudi Arabia - Bloomberg
Emaar Properties PJSC, the Dubai-based builder of the world’s tallest tower, is exploring opportunities to develop housing communities in neighboring Saudi Arabia where an oil-fueled construction boom is underway.
The developer is in talks with the kingdom’s housing ministry to build large mixed-use developments, according to Emaar founder Mohamed Alabbar. Emaar could start working on a 4,000-unit housing project if they reach an agreement, he said.
“We’re in serious discussions with the ministry of housing on working together,” Alabbar said in an interview in Abu Dhabi. “We’re quite active” and “we have stuff we’re looking at.”
Saudi Arabia is drawing the attention of international developers and builders amid a state-push to boost homeownership in the kingdom. Construction contracts worth $250 billion have been awarded in the country since 2016 as the oil producer seeks to transform itself into a top tourism destination and end its reliance on revenue from hydrocarbons.
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