By Andy Sambidge
Riyadh development to include 685 residential units, shopping centres, sports clubs and schools
Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemical groups and the Gulf's biggest listed firm, has signed a deal for a new staff housing project in Riyadh.
SABIC said it has signed a contract with Joannou & Paraskevaides (Saudi Arabia) Ltd for the construction of the project, called the Al-Waseel Hills Project.
The project covers 685 residential units at the Shams Al-Riyadh site including the infrastructure and landscaping along the Wadi Hanifa, which passes through the complex, the company said in a statement.
The development, which will be completed in about three years, also includes mosques, schools, shopping centres, sports clubs and parking areas.
Prince Saud bin Abdullah bin Thenayan Al-Saud, chairman of SABIC, said: "SABIC has adopted the idea of building a high quality, sustainable and self-contained housing complex for employees in Riyadh on the lines of its successful housing experience in Jubail and Yanbu.
"We hope this project will motivate our employees all the more, and will have a corresponding impact on productivity and innovation for the company to help achieve its vision at the local, regional and global levels."
SABIC last month reported a 5.7 percent year-on-year rise in fourth-quarter net income, missing analysts' forecasts.
It earned SR6.16 billion ($1.64 billion) in the quarter, chief financial officer Mutlaq Morished told a news conference.
Sales revenues for 2013 totalled SR189 billion while total assets stood at SR339 billion at the end of 2013.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.