Saudi bank to lend on Fadhili residential camp

09 October 2016

Contract to develop housing project was awarded in July

Saudi Arabia’s Arab National Bank is preparing to extend structured finance for the $1.5bn Fadhili residential camp.

Saudi Aramco awarded the local Mohammed I Al Subeae & Sons Investment Holding Company (Masic) a contract to develop the project in July this year.

MEED reported in September that the local Nesma & Partners had been awarded the main construction contract for two of the three packages, with the final package still being negotiated.

The scope of the work includes the construction of 2,000 villas, infrastructure work and all associated facilities.

The residential compound is being built for Aramco employees and is expected to be completed in 2020.

Aramco is building a $13.3bn gas plant at Fadhili, providing 4,500 jobs for Saudi nationals. The Fadhili gas project will process a total of 2.5 billion cubic feet a day (cf/d) of non-associated gas.

Other related infrastructure includes a combined heat and power plant, awarded to France’s Engie and Saudi Electricity Company as a build-own-operate-transfer contract.

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