Saudi company signs deal to build houses for staff
Saudi Chevron Phillips to construct 99 units in stage one of project
Saudi Chevron Phillips Chemical Company has signed a contract to start the first stage of building residential units for its employees, reports Arab News.
The development involves the construction of 99 units, in stage one, within 18 months.
The company plans to build 200 more units in the second stage of its project, which is in addition to all the incentives received by its Saudi employees.
Saudi Chevron Phillips' other projects include constructing a plant for Nylon Production Company that belongs to the petrochemical manufacturing company owned by Chevron.
Building work has reached an advanced level and the volume of investment is up to $479m (SR1.8bn), with the plant expected be operational this year.
Nama Chemicals has signed a long-term loan contract with the Saudi Hollandi Bank with a value of $33m (SR125m).
A statement from the company said it would use the loan to finance the first stage of its project that aims to design and improve the residential units of the company’s Saudi employees in Jubail Industrial City.