Jubail and Yanbu Industrial Cities Services Company (Jabeen) announced that it has signed a SAR307 million ($82 million) financing and construction agreement with Yanbu Aramco Sinopec Refining Company (Yasref) for the construction of 200 residential villas in Yanbu Industrial City, in partnership with the Royal Commission for Jubail and Yanbu (RCJY).
The agreement marks Yasref among the first investors to participate in the strategic residential development project, reinforcing its commitment to investing in human capital and enhancing the quality of life for its employees, said Jabeen in is filing to Saudi bourse Tadawul.
Under the three-year contract, Jabeen will be responsible for the finance and construction of 200 modern residential villas across Al Nakheel and Al Murjan districts in Yanbu Industrial City.
The project is being designed to provide quality housing options for Yasref employees and their families, supporting employee well-being, job stability, and long-term workforce sustainability, it stated.
It forms part of broader efforts to strengthen residential infrastructure within Yanbu Industrial City while contributing to the Kingdom’s industrial development objectives.
By delivering modern housing communities, the initiative aims to improve living standards for employees working in one of Saudi Arabia’s key industrial hubs, it stated.
The investment aligns with Saudi Vision 2030 and the Quality of Life Program, supporting the Kingdom’s strategy to attract and retain talent through the development of integrated residential communities and enhanced social infrastructure, it added.-TradeArabia News Service
Send us your company’s news today and they could be featured on ABC’s Community News tommorow.
