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NHC and Talaat Mostafa Group break ground on $8.4 billion project

Banan City will be a smart city project in northeast Riyadh, aimed at enhancing the lives of 120,000 residents

NHC and Talaat Mostafa Group break ground on $8.4 billion project

The National Housing Company (NHC) and Talaat Mostafa Group have joined forces and laid the foundation stone of ‘Banan’ City in northeast Riyadh.

The ceremonial event was graced by the presence of His Excellency Ihab bin Ghazi Al Hashani, Deputy Minister of Municipal Rural Affairs and Housing, alongside notable figures such as Mohammed Bin Saleh Albuty, CEO of NHC, Hisham Talaat Moustafa, Chairman of Talaat Mostafa Group—Saudi Arabia, and Sulaiman A.K. Al Muhaidib, Vice Chairman of Talaat Mostafa Group—Saudi Arabia, among other distinguished board members and senior leaders from both companies.

What is Banan City?

Banan City is a smart city project covering 10 million square metres, aiming to improve the lives of 120,000 residents with cutting-edge technologies and sustainability practices. The gated community will offer services such as healthcare, education, commerce, and a sports club, as well as smart home solutions and advanced city management systems. This development will support the Kingdom’s Vision 2030 and provide a dynamic and integrated community experience.

Strategically situated near King Khalid International Airport and Riyadh Expo 2030, Banan City will become a key part of Riyadh’s northeast growth. With over 27,000 residential units planned, including apartments, villas, and lands, the city will offer a variety of housing options to meet diverse family needs at affordable prices.

The city’s design emphasises green spaces and privacy for residents, with 40% of the area dedicated to parks and other natural elements. Villas will be strategically placed around central green spaces, providing scenic views and enhancing the overall beauty of the city. Public services will be conveniently located along a green axis, including schools, police stations, fire stations, and more, ensuring easy access and safety for the community.

Timelines and financial standing

Hisham Talaat Moustafa, Chairman of Talaat Mostafa Group—Saudi Arabia, highlighted the financial strategy for the project, with expected revenues of approximately $12 billion (SAR 40 billion) and a total investment of about $8.4 billion (SAR 31.4 billion). He likened the project to successful developments in Egypt, such as ‘Madinaty’, as a fully integrated service city on a global scale. Sales for the project are set to begin on May 15, 2024.