Saudi developer Dar Al Arkan sees new era of government cooperation

Dar Al Arkan Real Estate Development Co , one of Saudi Arabia’s top property developers, said on Tuesday it was in talks with the government to provide housing units under the kingdom’s economic reform plan.

The plan, announced on Monday, says the Ministry of Housing will spend a total of 59.2 billion riyals ($15.8 billion) over the five years through 2020 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 percent daily limit on Tuesday, Dar Al Arkan said it was negotiating a cooperation agreement with the ministry, but did not give further details.

source: Reuters