Saudi Arabia has launched initiative to build thousands of homes under PPP (Public-Private Partnership) model; The kingdom wants 60 percent of Saudis to own homes by 2020
AL-BILAD DAILY English Online — Katerra, a leading design and technology-driven global construction company, said it has been awarded a major contract by the Ministry of Housing to build 4,101 residential units across the kingdom.
Of these, a total of 2482 housing units will come up in Makkah, 1043 in Madinah, 140 in Al Baha, 191 in Al Jawf and finally 245 housing units in Al Qasim, said a statement from the company.
These housing units are being built for the beneficiaries of the Development Housing Initiative in line with the kingdom’s objectives, it stated.
A Silicon Valley technology driven, offsite construction start-up, Katerra has grown rapidly since 2015. Today, the company has over 5,000 employees, six operational factories and more than 700 projects in progress across America and India.
Backed by Soft Bank’s Vision Fund, Katerra makes its foray in the Saudi market, introducing advanced construction technology to support the country’s infrastructure plan outlined in Vision 2030.
Katerra is committed to support the initiative and use its unique technology to bring better and faster homes to families in the kingdom, remarked Ash Bhardwaj, the President (Asia and Middle East) after signing the deal in the presence of Minister of Housing Majed Bin Abdullah Al Hogail and Ziyad Al Ashaikh, Partner Head of Softbank SBIA.
Katerra has strong business plans to rapidly expand its operations in the Saudi market and revolutionize its construction sector by introducing advanced global practices, he added.
The Initiative is one of the programs that come as part of Vision 2030 aimed at meeting the needs of the most disadvantaged families in the kingdom and to enable them to own their homes or utilise them according to their needs and financial capacity.
It is a continuation of a series of agreements to build housing units in a number of cities and provinces of the kingdom, he added.