Emaar Properties PJSC, the Dubai-based builder of the world’s tallest tower, is exploring opportunities to develop housing communities in neighboring Saudi Arabia where an oil-fueled construction boom is underway.
The developer is in talks with the kingdom’s housing ministry to build large mixed-use developments, according to Emaar founder Mohamed Alabbar. Emaar could start working on a 4,000-unit housing project if they reach an agreement, he said.
Saudi Arabia is drawing the attention of international developers and builders amid a state-push to boost homeownership in the kingdom. Construction contracts worth $250 billion have been awarded in the country since 2016 as the oil producer seeks to transform itself into a top tourism destination and end its reliance on revenue from hydrocarbons.Emaar has been involved in Saudi Arabian real estate developments for many years.
Saudi Arabia is also working on giga projects such a new city called Neom on the kingdom’s west coast, which includes the Red Sea project over an area of 28,000 square kilometers — about the size of Belgium. “Some of the sites are green-field and it might take five years to seven years, for a developer to get a good return above 8% for example,” he said. “Then the government should subsidize the developer if he makes 4%, then they’ll have to come up and top up and pay them say, 5%.”In Emaar’s home market of Dubai, a housing boom, which is showing no signs of slowing, is unsettling the property tycoon.
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