The agreement between Katerra and the Saudi Ministry of Housing – represented by the Development Housing Initiative, will see Katerra build over 4000 homes. The project will provide housing units for the beneficiaries of the kingdom’s Development Housing Initiative, which forms part of Saudi Arabia’s Vision 2030. The scheme’s aim is to meet the needs of the most disadvantaged families in the Kingdom and to enable them to own their homes or utilise them according to their needs and financial capacity.
It is understood Katerra’s business plan, backed by Soft Bank’s Vision Fund, will see the disruptor make significant inroads in the structure of the Saudi building market with the introduction of advanced construction technology.
Katerra’s initial foray into the Saudi market is part of a larger vision to grow its market presence rapidly in the Middle East and India, opening up local and global opportunities for professionals in design, plant operations, project management, quality control, HR, health and safety, supply chain, maintenance, IT and finance.■