King Salman Energy Park has entered into contracts valued at $150 million with Bin Saedan to construct a modern residential complex and a workers village, demonstrating dedication to providing a comprehensive industrial ecosystem for the energy sector. Affordable House Co., a subsidiary of A.M. Bin Saedan & Sons Real Estate Group, is partnering with for these developments, solidified through agreements signed by Eng. Saif Al Qahtani, President and CEO, and Mohammed Bin Saedan, a board member of Bin Saedan.
Covering an expansive area of 30,000m2, the residential complex will be established in two phases, with the initial phase's construction set to conclude by 2025. It will offer fully furnished, long-term accommodation options for residents. Incorporating sustainable construction methods, intelligent systems, and environmentally-friendly materials like green concrete and solar panels, the complex aims to align with the Saudi Green Initiative, minimizing environmental impact and carbon footprint.
Additionally, and Bin Saedan have initiated the development of a state-of-the-art workers village, a project originating from an agreement inked in 2022. The workers village will be constructed across three phases, spanning 110,000m2, and the first phase is projected for completion in 2025. Designed to accommodate over 8,000 beds, the village will encompass a comprehensive array of amenities.
Eng. Saif Al Qahtani, President and CEO, expressed enthusiasm about the partnership, stating, “Our collaboration with Bin Saedan to create a residential complex and workers village underlines our commitment to establishing an environment that supports work, leisure, and living. This initiative will offer high-quality services to tenants, ensuring a superior experience for investors within the ecosystem.”
Mohammed Abdullah Bin Saedan, board member of Bin Saedan, commented, “Our association reflects our pride in contributing to the development of an active community that fosters a healthy and content lifestyle for residents. With our extensive experience spanning nearly a century in the Kingdom, characterized by groundbreaking projects, this partnership marks a significant milestone as we strive to expand our presence in the Eastern Province. Our dedication is focused on making this project a pioneering achievement in the kingdom and the wider region.”