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SABIC signs contract for employee housing complex in Riyadh

February 13, 2014 9:26 am

SABIC has signed a contract with Joannou & Paraskevaides (Saudi Arabia) Ltd for constructing the company’s employee housing project in Riyadh, the Al-Waseel Hills Project. In the presence of Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of SABIC and the Royal Commission for Jubail and Yanbu, and Abdullah Al-Eisa, SABIC Board member, Mohamed Al-Mady, SABIC Vice Chairman and CEO, and Constantine Hiakulas, Joannou & Paraskevaides Chairman and CEO, signed the contract at a function held in Riyadh on February 11.

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.

Prince Saud commented, “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.”

The project to be completed in about three years, also includes mosques, schools, shopping centers, sports clubs and parking areas. It is expected to meet the housing needs of SABIC employees in Riyadh.