Saudi Arabia’s oil company, Aramco, has awarded a $300 million housing construction project to a Turkish company.
Turkey’s Kolin construction company is to work on Aramco’s housing project in the eastern province of Dhahran, according to Middle East Business Intelligence. The company will develop the South Dhahran Home Ownership Programme (SDHOP), known as “Ajyal” which has been allocated a budget of $5.5 billion. No other information has been given on construction partners.
The works began late last month and are contracted to go on for 1,430 days and provide 2,400 state of the art villas for Saudi Aramco employees.
Following Saudi’s Vision 2030 which sees the Kingdom reduce its dependence on petrodollars, Aramco will soon float its shares in the stock market. Both the London and New York stock markets have been fighting hard to attract has been billed as the biggest stock market sale.
SOURCE : ALBILAD
