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Saudi Arabia’s National Housing Company (NHC) has signed two agreements worth a combined 8.5 billion Saudi riyals ($2.27 billion) for major mixed-use and residential developments in Riyadh, as part of efforts to expand the capital’s housing supply under Vision 2030.
The company signed an agreement with a joint venture between Egypt’s Hassan Allam Holding and local developer Tilal Real Estate to develop a SAR 3.3 billion ($880 million) mixed-use project in Khozam district.
The planned community, spanning more than 228,000 square metres, will be delivered through Grova Developments, the development arm of Hassan Allam Holding.
In a separate deal, NHC inked a SAR 5.2 billion ($1.39 billion) agreement with Retal Urban Development Company to build 4,839 residential units, including villas and apartments, in Al Fursan Suburb – third area in Riyadh. The agreement also covers the construction of project infrastructure.
No construction timelines were disclosed for either project.
Saudi Arabia’s Vision 2030 Housing Programme seeks to raise the Kingdom’s homeownership rate to 70 percent by fostering public-private partnerships spearheaded by the NHC.
(Writing by P Deol; Editing by Anoop Menon)
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