Strategic Partnership Between NHC And Urbas To Erect 589 Housing Units In Al-Fursan

The National Housing Company (NHC) has recently entered into a strategic partnership with Urbas Middle East Real Estate Company, a branch of the renowned Spanish Urbas group. This collaboration is set to revolutionize the Al-Fursan suburb through the introduction of 589 state-of-the-art residential units, with an investment close to SAR 1 Billion. Covering an expansive area of approximately 150,000 square meters, this initiative is poised to redefine standards in housing development.

The formalization of this agreement was celebrated in a ceremony that saw the attendance of notable figures such as the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, and the Ambassador of the Kingdom of Spain to KSA, Jorge Hevia. High-ranking officials from both companies, including Mohammed bin Saleh Albuty, CEO of NHC, Juan Antonio Acedo Fernández, President and CEO of Urbas, and Adolfo Guerrero, Executive Director of Urbas, were also present. The event took place at the NHC headquarters, emphasizing the strong commitment to this ambitious project.

Al-Fursan is distinguished as one of the largest urban development ventures in the region. It aims to be in harmony with Saudi Arabia's Vision 2030 by covering an area of 35 million square meters and will house over 50,000 residential units. This will provide accommodation for more than 250,000 residents and include over 190 essential facilities such as schools, healthcare centers, and recreational areas. Additionally, the project plans to enhance the living environment significantly by incorporating over 6 million square meters of green spaces. This initiative aligns with the Saudi Green Initiative's goal to plant over half a million trees.

Urbas Group brings to this project its vast international experience, with operations in over 20 countries and a portfolio exceeding 30,000 residential units. The establishment of Urbas Middle East signifies a strategic move to expand its presence in the Saudi Arabian market further.

Moreover, NHC has demonstrated its commitment to delivering high-quality living spaces through the successful sale of 1,300 residential units within Al-Fursan in just the first quarter of the year. These sales have generated a total value surpassing 1.5 billion Saudi riyals, highlighting NHC's dedication to exceeding modern living expectations.

This partnership between NHC and Urbas Middle East Real Estate Company marks a significant step forward in housing development within Saudi Arabia. It not only aims at creating innovative residential solutions but also contributes towards achieving broader environmental goals set by the nation.

With inputs from SPA