RIYADH: To enhance the urban environment and quality of life in the region, the Municipality of the Eastern Province and Saudi Arabia's national real estate developer ROSHN have signed a contract.
According to the MoU, the two parties will work together to design and implement an urban code, infrastructure and building regulations inspired by the urban history of the Eastern Province, along with building model residential communities.
In accordance with the strategic vision for the regions and cities, the agreement also aims to identify suitable sites and incorporate them into regional and local plans.
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David Grover, CEO of Roshan Group, said, “Today, we are working to develop urban concepts that represent the standards of quality of life and the well-being of Saudi society, while relying on our trusted partners such as the Eastern Province Municipality. meet expectations." projects of the Saudi Public Investment Fund.
We have always taken great pride in working with the Government to advance and develop the Kingdom's urban environment.
Engineer Fahd bin Muhammad Al-Jubeir, Mayor of the Eastern Province, signed the contract with Grover and declared: "Such an agreement enhances financial suitability and raises the bar for quality of life and community development and construction."
The signing of the MoU is a part of ROSHN's dedication to develop urban communities with pedestrian-friendly streets, green areas and retail establishments in addition to hospitals, medical centres, mosques and sports facilities throughout Saudi Arabia.
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As part of its plan to secure external funding for its projects, the real estate developer earlier this month signed agreements with three of the Kingdom's top banks for credit facilities worth SR6 billion ($1.6 billion).
The agreements, which were for SR2 billion each, were signed with Saudi British Bank, Bank Albilad and Al Rajhi. The new credit facilities represent a fundamental shift in the real estate industry as well as a basis for financing diversification.
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The builder claimed that the new financial arrangement was in line with plans to build urban communities in nine cities, including Riyadh, Jeddah and Al-Kharj.