Saudi-based Rafal Real Estate Development has announced that its joint venture with Citic Construction, a subsidiary of China\u2019s state-owned conglomerate Citic group, has reached an agreement with National Housing Company for the construction of an industrial complex in Riyadh.<\/p>\n
The complex offers fully integrated supply chains – ranging from advanced green pre-cast to modular housing solutions in addition to related industries spanning electro-mechanical installation and other finishing materials – that are essential for the construction of scalable social housing projects within the shortest time schedule.<\/p>\n
As per the deal, Saudi National Housing Company will extend its support to the JV by providing a strategic location for the facilities serving the newly-planned masterplans in the North-East of Riyadh.<\/p>\n
It will also provide a land block bank serving 20,000 homes for the first phase of the project.<\/p>\n
The estimated capex of the complex and construction of the houses will be over SR12 billion ($3.2 billion), said a top official.<\/p>\n
Citic Construction Chairman Chen Xiaojia said: “We are pleased to participate in the development of the Saudi construction industry and will mobilize all the relevant resources, along with Rafal, the strong local partner, to have a good invest-build-operate service for the a\/m complex with the latest technology and to complete the construction of the 20,000 homes at the earliest possible time, meeting the urgent demands of the local people.”<\/p>\n
He emphasized that the official visit of Chinese President Xi will surely further strengthen the political-diplomatic and economic relationship between China and Arabic nations.<\/p>\n
Rafal CEO Elias Abou Samra said\u00a0 the joint venture is aimed at boosting production to serve the Saudi market with a fully integrated solution that would achieve higher scalability, environmental sustainability, and cost efficiency.<\/p>\n
“The project shall create jobs, provide training and support the local ecosystem to achieve the local content objectives ultimately,” he added.<\/p>\n
Construction works is expected to begin in Q3 next year and the production and operations are targeted for January 2024.-TradeArabia News Service<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Saudi-based Rafal Real Estate Development has announced that its joint venture with Citic Construction, a subsidiary of China\u2019s state-owned conglomerate Citic group, has reached an agreement with National Housing Company for the construction of an industrial complex in Riyadh. The complex offers fully integrated supply chains – ranging from advanced green pre-cast to modular housing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-10863","press-releases","type-press-releases","status-publish","hentry"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/rafal.com.sa\/en\/wp-json\/wp\/v2\/press-releases\/10863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rafal.com.sa\/en\/wp-json\/wp\/v2\/press-releases"}],"about":[{"href":"https:\/\/rafal.com.sa\/en\/wp-json\/wp\/v2\/types\/press-releases"}],"author":[{"embeddable":true,"href":"https:\/\/rafal.com.sa\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rafal.com.sa\/en\/wp-json\/wp\/v2\/comments?post=10863"}],"version-history":[{"count":0,"href":"https:\/\/rafal.com.sa\/en\/wp-json\/wp\/v2\/press-releases\/10863\/revisions"}],"wp:attachment":[{"href":"https:\/\/rafal.com.sa\/en\/wp-json\/wp\/v2\/media?parent=10863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}