Emaar will build large residential projects in Saudi Arabia
Emaar will build large residential projects in Saudi Arabia
According to Bloomberg, Emaar Properties founder and managing director Mohamed Alabbar is in talks with the Saudi Arabian Ministry of Housing about the construction of large mixed-use buildings. If an agreement is reached with the ministry, it is likely that Dubai's largest developer will begin work on a housing project with 4,000 apartments. According to Allabar, they are in serious talks with the Ministry of Housing about working together.
Saudi Arabia has announced plans to build 660,000 homes, 289,000 hotel rooms, 6 million square meters of office space and 5.3 million square meters of retail space, according to property consultancy Knight Frank. According to the report, despite the surge in construction activity in the kingdom, Alabbar called on Saudi Arabia to consider the possibility of subsidizing the income of developers if projects do not meet a pre-set standard.
“Some of the properties are in the development stage, and it could take five to seven years for a developer to make, for example, a good return of more than eight percent,” Bloomberg reported, citing Alabbar as saying.
