The National Housing Company (NHC) has announced a strategic partnership with Urbas Middle East Real Estate Company, a subsidiary of the esteemed Spanish Urbas group, to develop and construct 589 housing units in the Al-Fursan Suburb.
This collaboration marks a significant milestone in the development of the Al-Fursan suburb with the construction of new innovative residential units worth around $266 million (SAR 1 billion).
Covering an area of approximately 150,000 square meters, the project promises to set new standards in housing development, as per the statement.
Urbas Group, with its presence in over 20 countries and a portfolio of more than 30,000 residential units, brings a wealth of experience to this project. The already established Urbas Middle East aims further to increase its operations in the Saudi Arabian market, reflecting the group’s commitment to expanding its global footprint.
The agreement was formalized in a ceremony attended by the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, the Ambassador of the Kingdom of Spain to KSA, Jorge Hevia along with the CEO of NHC, Mohammed bin Saleh Albuty, the President and CEO of Urbas, Juan Antonio Acedo Fernández, and the Executive Director of Urbas, Adolfo Guerrero. The event was hosted at the NHC headquarters, underlining the commitment of both parties to this ambitious project.
Al-Fursan, known as one of the largest urban development projects in the region, is designed to align with Saudi Arabia’s Vision 2030. The suburb covers an area of 35 million square meters and will feature over 50,000 residential units, accommodating more than 250,000 residents.
Further, it is equipped with over 190 vital facilities, including educational, healthcare, and recreational services, all surrounded by more than 6 million square meters of green spaces.
In addition to this exciting new development, NHC has also reported the successful sale of 1,300 residential units in the first quarter of the year within Al-Fursan, generating a total value exceeding $399 million (1.5 billion Saudi riyals). This achievement underscores NHC’s dedication to creating vibrant, quality living spaces that not only meet but exceed the expectations of modern residents.
