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NHC and Urbas Middle East to develop $266 million residential project in Al Fursan Suburb, Saudi Arabia

As part of the agreement NHC and Urbas will build 589 modern residences in Al-Fursan suburb

NHC and Urbas Middle East to develop $266 million residential project in Al Fursan Suburb, Saudi Arabia

The National Housing Company (NHC) has partnered with Urbas Middle East Real Estate Company, a subsidiary of the esteemed Spanish Urbas group to develop and construct 589 innovative residential units in the Al Fursan suburb worth $266 million (1 billion SAR). Spanning approximately 150,000 square metres, this project promises to set new standards in housing development.

The agreement was formalised in a ceremony attended by His Excellency, the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, His Excellency The Ambassador of the Kingdom of Spain to KSA, Jorge Hevia along with Mohammed bin Saleh Albuty, CEO of NHC, Juan Antonio Acedo Fernández, President and CEO of Urbas and Adolfo Guerrero, Executive Director of Urbas. The event was hosted at the NHC headquarters, underlining the commitment of both parties to this ambitious project.

Al-Fursan, known as one of the largest urban development projects in the region, is designed to align with Saudi Arabia’s Vision 2030. The suburb covers an area of 35 million square metres and will feature over 50,000 residential units, accommodating more than 250,000 residents. It is equipped with over 190 vital facilities, including educational, healthcare, and recreational services, all surrounded by more than 6 million square metres of green spaces. This extensive greenery is part of a broader initiative to enhance the living environment and contribute to the Saudi Green Initiative by planting over half a million trees.

Urbas Group, with its presence in over 20 countries and a portfolio of more than 30,000 residential units, brings a wealth of experience to this project. The already established Urbas Middle East aims to further increase its operations in the Saudi Arabian market, reflecting the group’s commitment to expanding its global footprint.

In addition to this exciting new development, NHC has also reported the successful sale of 1,300 residential units in the first quarter of the year within Al-Fursan, generating a total value exceeding $400 million (1.5 billion Saudi riyals). This achievement underscores NHC’s dedication to creating vibrant, quality living spaces that not only meet but exceed the expectations of modern residents.