To establish a joint venture and build significant infrastructure projects in Saudi Arabia, Urbas and Arkal, a Saudi construction business, have inked a strategic agreement. This will enable Urbas to hasten its expansion and development in the Kingdom.
With this joint venture, which Urbas owns 80% of, the Spanish company will also be able to take part in many of the significant infrastructure projects of the Vision 2030 program, which seeks to strengthen Saudi Arabia’s economy and draw in some €400,000 million in foreign investment.
Work is already in progress to participate in a construction project of between 1,000 and 1,500 homes
To help achieve the target of 70% of homes being owned by 2030, it is expected to create 40,000 dwellings in the Kingdom under this program by 2025.
Urbas has stated to the National Securities Market Commission (CNMV) that work is already in progress to participate in a construction project of between 1,000 and 1,500 homes in one of the developments close to Riyadh as part of this cooperation with Arkal.
Similarly, Urbas has stated that it is “in advanced talks” to build a mixed-use real estate complex in Riyadh that would include residences, a hotel, offices, and commercial facilities. The construction of this new joint venture would also be carried out by Urbas.
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