Riyadh, April 24, 2024, The National Housing Company (NHC) is delighted to announce a strategic collaboration with Urbas Middle East Real Estate Company, a subsidiary of the esteemed Spanish Urbas group. This partnership marks a significant step forward in the advancement of the Al-Fursan suburb, with plans for the construction of 589 innovative residential units valued at approximately SAR 1 Billion. Covering an area of approximately 150,000 square meters, this project is poised to set new benchmarks in the realm of housing development.
The formalization of this agreement took place in a ceremony graced by the presence of Majid bin Abdullah Al-Hogail, the Minister of Municipal and Rural Affairs and Housing, Jorge Hevia, the Ambassador of the Kingdom of Spain to KSA, Mohammed bin Saleh Albuty, the CEO of NHC, Juan Antonio Acedo Fernández, the President and CEO of Urbas, and Adolfo Guerrero, the Executive Director of Urbas. Held at the NHC headquarters, this event underscores the shared commitment of both entities towards the success of this ambitious venture.
Al-Fursan, recognized as one of the largest urban development projects in the region, is intricately designed to align with Saudi Arabia's Vision 2030. Encompassing an area of 35 million square meters, the suburb is envisioned to comprise over 50,000 residential units, catering to a population exceeding 250,000 residents. It will boast more than 190 essential amenities, including educational, healthcare, and recreational services, complemented by over 6 million square meters of lush green spaces. This extensive greenery is part of a broader initiative aimed at enhancing the overall living environment and contributing to the Saudi Green Initiative through the planting of over half a million trees.
The Urbas Group, with its extensive presence spanning over 20 countries and a portfolio comprising more than 30,000 residential units, brings a wealth of experience and expertise to this collaboration. Urbas Middle East, already established in the region, seeks to further expand its operations within the Saudi Arabian market, showcasing the group's steadfast commitment to global growth.
In addition to this exciting new development, NHC has reported the successful sale of 1,300 residential units in the first quarter of the year within Al-Fursan, generating a total value exceeding 1.5 billion Saudi riyals. This achievement underscores NHC's unwavering dedication to creating vibrant, high-quality living spaces that not only meet but surpass the expectations of modern residents.
