Riyadh - Sharikat Mubasher: Saudi Arabia’s National Housing Company (NHC) plans to develop 62,000 residential units with investments exceeding SAR 50 billion across the Kingdom’s regions, CEO Mohammad Albuty announced during Cityscape Global 2024, the world’s largest real estate exhibition.
The company will develop more than 31,000 units in Riyadh region across various suburbs and residential communities such as Khuzam, Al-Fursan, Al-Assalah, and Al-Mashriqiya,
The real estate developer will establish over 19,000 units in the Makkah Al-Mukarramah region at Al-Jawhara, Sadayem, and Al-Sadan projects as well as the Makkah Gate suburb.
Additionally, NHC will build more than 5,000 and 3,000 units in the Eastern Region and Medina Region, respectively, in Qamra, Al-Wajeha, Al-Dar, Ghoroub, and Almukaiman projects.
Albuty further revealed that NHC’s transactions with small and medium-sized enterprises (SMEs) in the real estate sector surpassed SAR 5 billion by the end of the first half (H1) of 2024, while the local content represented 54% of NHC’s projects in 2023.
In H1-24, the NHC participated in creating more than 600,000 direct and indirect jobs and contributed to the national gross domestic product (GDP) with over SAR 85 billion, Albuty noted.
It is worth noting that NHC revealed its new identity that focuses on delivering a “rich living experience” through thoughtful planning and providing essential services and amenities within good proximity, such as shopping centers, green spaces, and interconnected pathways
Cityscape Global 2024, which took place in Riyadh from 11 to 14 November, showcased the Kingdom’s ongoing real estate development, serving as a central platform for innovation and investment.
