A subsidiary of the Tadawul-listed Red Sea International Company and Aecom Middle East have teamed up to pursue housing projects in Saudi Arabia, according to a statement to the kingdom’s stock exchange.
Red Sea Housing Services Company (JAFZA) and Aecom Middle East signed a memorandum of understanding on Saturday, according to the statement.
The two parties are expected to cooperate in pursuing affordable housing projects in Saudi Arabia.
Aecom will carry out responsibilities such as project management, master planning, sustainability and energy conservation and infrastructure design.
“The main objective of this 12-month MOU is to explore housing opportunities presented by the Ministry of Housing and identify ways to deliver innovative affordable housing solutions, that meet the expectations of the stakeholders, and can be delivered on fast track basis,” the statement said.
