Lamar, Asyad break ground on major Aramco housing project
Lamar Holding, a leading developer of large-scale PPP projects in the region, has joined hands with its consortium partner Asyad Group for the ground-breaking of Saudi oil giant Aramco's prime residential project - Abu Ali Housing - in the kingdom's Eastern Prrovince.
A leading Saudi family conglomerate, Asyad Group has major interests in key sectors including real estate, capital, aviation and investments.
Located north of Jubail industrial city, the Abu Ali Housing project features serviced residential compounds that will cater to the needs of 500 employees working at Abu Ali Island.
This project marks the third iteration of its significant partnership with Saudi Aramco, the visionary institution focused on the wellbeing of its people, said Lamar in its LinkedIn post.
It is being implemented in co-ordination with Asyad Holding Group and its key collaborator Sinohydro and chief lender Riyad Bank.
The project is set to be operational in 2027 and has a concession tenor of 20 years, it added.
"At Lamar, we've always believed that infrastructure is more than buildings and utilities. It is about people. It's about delivering places that foster dignity, wellbeing, and pride for those who serve in demanding conditions," said a company spokesman.
"Building on our successful delivery of the East-West bachelor compound ahead of schedule and within budget, this project continues our consortium's commitment to providing high-quality and accessible housing for Aramco's brave remote staff. We aim to raise the bar and exceed the high standard developed previously," he noted.
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