The Mexican government approved a deal for the new 4 billion peso ($306 million) Pacifico Norte toll road concession this week.

IDEAL, a company controlled by billionaire Carlos Slim, will build, operate and maintain 150 miles (242 km) of the new highway network in northern Mexico, connecting the cities of Culiacan and Mazatlan.

The improved infrastructure will reduce journey times and make traveling to Mazatlan more comfortable, to the benefit of the Mazatlan real estate market.

Slim, the world’s third-richest man according to Forbes magazine, has invested heavily in infrastructure projects and has encouraged Mexico’s government to invest more in transport projects to create jobs.

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