Saudi housing ministry to promote Emaar EC’s units in KAEC

Emaar The Economic City (Emaar EC) has inked a six-month agreement with the Saudi housing ministry, aimed at marketing 175 residential units in King Abdullah Economic City (KAEC), the company said in a bourse statement.

The National Housing Company, which is owned by the ministry, will promote and sell the units. The sale is expected to reflect positively on the Saudi company, the statement added.

The deal falls under the kingdom’s National Transformation Program to promote private-public partnerships (PPP), as well as plans to support the housing industry.

Last June, Emaar EC discussed possible partnerships with the housing ministry to build affordable residential units in the kingdom. Also, the developer unveiled plans on delivering 5,000 residential units this year and build another 70,000 over the next decade.

Last November, Emaar EC inked a one-year memorandum of understanding with the Saudi housing ministry, which will promote and sell some of the developer’s existing or under-construction residential units at KAEC, data compiled by Argaam showed.