Riyadh, March 05, 2024, In a significant step forward for urban development, the National Housing Company (NHC) and Talaat Moustafa Group—Saudi Arabia (TMG) recently sealed a protocol under the auspices of Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hagail, to mark the official commencement of the Banan City Project in Riyadh's Al-Fursan suburb.
The signing ceremony, graced by the presence of NHC's CEO Mohammad Albuty and TMG—Saudi Arabia Chairman Hesham Talaat Moustafa, signifies the activation of an agreement inked between the two entities during the Cityscape Global Exhibition last September.
The ambitious Banan Project is slated to deliver more than 27,000 residential units, encompassing villas and apartments, tailored to cater to the needs of Saudi families. Spread over an extensive area of 10 million square meters, the development will allocate 40% of its space to lush green landscapes. Envisioned as a holistic endeavor, Banan City aspires to be a dynamic urban enclave, integrating premium sustainable amenities such as healthcare, education, commerce, sports facilities, and public services, thereby fostering a vibrant and interconnected residential community.
TMG, renowned as one of the largest and most comprehensive integrated institutions in Egypt and the wider Middle East, boasts a rich legacy of over five decades in establishing fully serviced urban cities and communities. Noteworthy examples include Rehab City, Egypt's pioneering privately developed integrated city spanning 10 million square meters, Madinet Nasr for Housing and Development (Madinaty), a globally recognized model for integrated cities sprawling over 33 million square meters, and Nour City in Capital Gardens, a groundbreaking initiative covering 21 million square meters aimed at ushering in a new era of intelligent, integrated urban living.
Situated in northeastern Riyadh within the Al-Fursan suburb, the Banan Project is strategically positioned within NHC's larger development framework, offering over 50,000 residential units across an expansive 35 million square meter area, catering to a population exceeding 250,000 residents. Al-Fursan boasts an array of vital amenities, including educational institutions, healthcare facilities, sports complexes, parks, mosques, and community centers, totaling over 190 essential services.
As a leading real estate development entity in Saudi Arabia, NHC is committed to enhancing the quality of life by providing diverse housing options at affordable prices, thereby contributing to the objectives of the Housing Program, an integral component of Saudi Vision 2030. The company aims to elevate the homeownership rate for Saudi families to 70%, thereby advancing the Kingdom's urban development agenda and fostering sustainable growth.
