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Wed 22 May 2019 03:35 PM

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Silicon Valley start-up to build over 4,000 new homes in Saudi Arabia

Under the agreement, 4,101 housing units will be built by Katerra in Makkah, Madinah, Al Baha, Al Jawf and Al Qasim

Silicon Valley start-up to build over 4,000 new homes in Saudi Arabia
Under the agreement, the housing units will be built in Makkah, Madinah, Al Baha, Al Jawf and Al Qasim.

Saudi Arabia's Ministry of Housing has signed an agreement with construction firm Katerra to build 4,101 individual homes across the kingdom.

The ministry said the new construction will provide housing units for the beneficiaries of the Development Housing Initiative.

Under the agreement, the housing units will be built in Makkah, Madinah, Al Baha, Al Jawf and Al Qasim, a statement said.

Katerra, a Silicon Valley-based start-up, today has over 5,000 employees, six operational factories and more than 700 projects in progress across America and India.

Backed by Soft Bank’s Vision Fund, Katerra makes its first foray in the Saudi market, introducing advanced construction technology to support the country’s infrastructure plan outlined in Vision 2030.

Katerra said it has "strong business plans" to rapidly expand its operations in the Saudi market and revolutionize its construction sector by introducing advanced global practices.

The Development Housing Initiative is part of Vision 2030 and aims to meet the needs of the most disadvantaged families in the kingdom and to enable them to own their homes.

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