A subsidiary of Saudi Arabia's Red Sea International Company has inked a memorandum of understanding (MoU) with Aecom Middle East.
The MoU, between Aecom and Red Sea Housing Services, will see both firms cooperating on housing projects in the kingdom.
Red Sea Housing Services is registered in Dubai's Jebel Ali Free Zone.
As part of the MoU, Aecom will provide services covering project management and construction management; master planning, including urban and infrastructure planning; sustainability and energy conservation; infrastructure design; buildings and landscaping design; modular construction solutions; and cost consulting and value engineering.
The 12-month MoU will "explore housing opportunities presented by the Ministry of Housing and identify ways to deliver innovative affordable housing solutions that meet the expectations of the stakeholders, and can be delivered on fast-track basis", Red Sea said in a filing on Saudi bourse, Tadawul.
Red Sea's statement added: "There is no material financial impact at this point in time resulting from signing the MoU.
"Any material information related to signing the MoU will be disclosed in due course."