MOU Signing Ceremony

Dhayat Alfursan for New City Project

Saudi Arabia and South Korea have signed an agreement to build 100,000 houses over the next 10 years in the north of Riyadh costing SR 75 billion. Housing Minister Majed bin Abdullah Al-Hogail inked the pact with the South Korean Ministry of Land, Transport and Infrastructure in Seoul. The agreement includes an exchange of expertise through workshops and conferences. The joint consortium has two major South Korean companies, Daewoo Engineering and Construction Company and Hanwha Engineering and Construction Corporation, with Saudi Pan Kingdom Company.