KSA Business: Rafal-Citic JV to set up $3.2bn industrial complex in Riyadh – Gulf Digital News

KSA Business: Rafal-Citic JV to set up $3.2bn industrial complex in Riyadh – Gulf Digital News

Saudi-based Rafal Real Estate Development has announced that its joint venture with Citic Construction, a subsidiary of China’s state-owned conglomerate Citic group, has reached an agreement with National Housing Company for the construction of an industrial complex in Riyadh.

The complex offers fully integrated supply chains - ranging from advanced green pre-cast to modular housing solutions in addition to related industries spanning electro-mechanical installation and other finishing materials - that are essential for the construction of scalable social housing projects within the shortest time schedule.

As per the deal, Saudi National Housing Company will extend its support to the JV by providing a strategic location for the facilities serving the newly-planned masterplans in the North-East of Riyadh.

It will also provide a land block bank serving 20,000 homes for the first phase of the project.

The estimated capex of the complex and construction of the houses will be over SR12 billion ($3.2 billion), said a top official.

Citic Construction Chairman Chen Xiaojia said: "We are pleased to participate in the development of the Saudi construction industry and will mobilize all the relevant resources, along with Rafal, the strong local partner, to have a good invest-build-operate service for the a/m complex with the latest technology and