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State-owned National Housing Company (NHC) has signed 30 agreements, memoranda of understanding and consultancy contracts valued at more than 24 billion Saudi riyals ($6.40 billion) on the sidelines of the launch of Al-Fursan district in Riyadh, claimed to be the largest residential suburb in Saudi Arabia.
A total of 18 real estate development agreements were signed for the district's first phase with Retal Urban Development Company, Sumou Real Estate Company, etc., Saudi Press Agency reported.
An agreement was signed with Saudi Electricity Company (SEC) to implement the detailed and executive plans for electrical works in the district,
Moreover, several deals were signed to develop facilities, including commercial, recreational, hospitals, health centers, sports centers, mosques, schools, etc.
Four consultancy contracts were also signed to manage projects and supervise the implementation of the first phase of the Al-Fursan district and the implementation of comprehensive infrastructure works.
Last week, NHC launched the Al-Fursan district, covering an area of more than 35 million square metres and housing more than 50,000 residential units in Riyadh.
(Writing by D Madhura; Editing by Anoop Menon)
