Diplomatic housing is the latest project in Gosi’s ongoing portfolio worth at least $850m
Saudi Arabia’s General Organisation for Social Insurance (Gosi) has awarded contracts totalling SR312m ($83m) for the design, execution and supervision of 207 housing units in Riyadh’s diplomatic quarter.
Gosi awarded the SR306m ($81m) construction contract to a joint venture of local companies Seder Contracting Group and Alredwan Contracting.The local office of the Architectural Centre for Architectural and Engineering Consultation won the SR5.6m design contract. The project is due for completion by August 2012.
The housing project is the second Gosi initiative in Riyadh’s diplomatic quarter. The first project included 266 homes and was considered the first step of a plan to meet the agency’s growing obligation to beneficiaries of the kingdom’s social insurance.
To date, Gosi has developed almost 4,400 homes throughout Saudi Arabia. At present, the organisation is funding a 700-home housing project in Jubail Industrial City.
It is also developing two 12-storey hotels in Medina with a joint venture of the local Al-Mankour Trading & Contracting and Rashid Contracting Establishment. The estimated $55m project comprises 540 rooms and is scheduled for completion in the last quarter of this year (13:10:06).
The largest of the Gosi projects is its six-tower Granada Oasis mixed-use development in Riyadh. The estimated $407m project is being built by the local Al-Latifia Trading & Contracting, with the local Omrania and Associates serving as project manager Granada Oasis is planned for completion in the last quarter of 2011(MEED 8:2:09).
Foundation work finished in early-April on Gosi’s Olaya Towers project, also in Riyadh. The estimated $268m project comprises four towers and is being built by the local Nesma & Partners Contracting Company. Zuhair Fayez Partnership Consultants is managing the project, which is scheduled to be complete in the first quarter of 2012.
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