Saudi Arabia looks to UK, France and China for help building homes

reuters ^ | 5/2/16

[StCloudMoose]

Saudi Arabia's government has authorized the housing ministry to seek the assistance of Britain, France and China in building hundreds of thousands of homes to ease a shortage of affordable housing in the kingdom. The housing minister and his deputy were given the power to sign memorandums of understanding with those countries, the official Saudi Press Agency reported on Monday. It gave no details of what the agreements might contain, but in March the ministry signed memorandums with South Korea and a Saudi-South Korean consortium to develop 100,000 housing units in northern Riyadh over 10 years. The consortium includes Daewoo Engineering & Construction Co and Hanwha Engineering and Construction Corp [HANWHE.UL]. Under a broad economic reform plan announced last week, the Saudi government aims to increase the rate of home ownership among its citizens by 5 percentage points by 2020 from 47 percent now. The government will provide some funding and regulatory support.

[gaijin]

In other words, countries they didn’t BLOW UP.

Mostly.

[moovova]

I understood camel dung houses are energy efficient.

[Iron Munro]

Our good friends.....

Is this why Bush and Onama covered up for the Saudis by keeping info in the 9/11 report classified?

So they can skip over the US when handing out big business contracts?

China, France and others get the goldmine - we get the shaft.

[tbw2]

Because they educated their men to hate manual labor and all want to be architects, managers and lay-abouts.
So they have to hire and bring in foreigners to do the “dirty jobs”.

[Ellendra]

I’m sure the Chinese will gladly build homes in Saudi Arabia. But then, where will the Saudis live?

[rrrod]

Its been awhile since Ive been in Saudi but the residential areas for the middle-upper middle class are great.

Do not take this to mean I like the headbangin pedophiles...