Saudi Arabia signs $10 billion investment deal for local infrastructure projects

by Abdulhaqq Obisesan Oladimeji

The Ministry of Municipal and Rural Affairs and Housing (MOMRA) has signed an agreement worth more than SR40 billion to develop the infrastructure of 11 cities around Saudi Arabia.

The agreement also included financing and developing a project portfolio between MOMRA and the largest real estate developer, the National Housing Company (NHC).

It is noteworthy that the NHC and its real estate developers are working on developing comprehensive infrastructure, as well as working to deliver services and develop a range of quality-of-life’s facilities.

Additionally, MOMRA has signed an agreement worth SR360 million with Human Resources Development Fund (Hadaf), in order to train and employ more than 20,000 Saudi employees on-the-job, in the community monitoring track.

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