Wathra Real Estate Development has inked a partnership with an American company specialized in housing development to develop residential areas in three main areas around the Kingdom. The partnership came to bolster the cooperation between national and foreign companies for the sake of pumping more residential units and covering the gap between supply and demand.
An American executive showed interest in direct investment in Saudi Arabia especially in infrastructure and education fields. This is considered a propitious opportunity for American investment companies to train and develop the labor force.
The executive chairman of Wathra Real Estate “Abdul-Rahman Al-Muhaydeb” mentioned that the teamwork in the partnership between Wathra, Strectora, and a number of local banks, will contribute in finishing more designs, schedules, executive and financial schemes for a number of projects around Jeddah, Riyadh, and the Eastern region.
Al-Muhaydeb cleared that the partnership includes a number of real estate developers, national contractors, and American companies. This alliance aims at making a radical change in established buildings rate which is considered low and insufficient for satisfying residents’ annual needs.