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Dar Al Arkan to discuss housing with Saudi Govt.

Dar Al Arkan is in talks with the Saudi Arabian government to provide housing units under the kingdom's economic reform plan

Dar Al Arkan Real Estate Development Co headquarters in Riyadh. [Reuters/FAISAL NASSER]
Dar Al Arkan Real Estate Development Co headquarters in Riyadh. [Reuters/FAISAL NASSER]

Dar Al Arkan Real Estate Development Co has announced that it is in talks with the government to provide housing units under the kindgom's economic reform plan. 

The plan, which was unveiled on Monday, says the Ministry of Housing will spend a total of $15.8bn (SAR59.2bn) over the next five years to ease the country's shortage of affordable housing through schemes such as a loan guarantee programme and faster licensing procedures.

In a brief statement to the stock exchange, where its shares jumped their 10% daily limit on Tuesday, Dar Al Arkan said it was negotiating a cooperation agreement with the ministry.

No further details were given by the Saudi Arabian property developer.

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Sep 15, 2019