Saudi Arabia’s National Housing Company (NHC) and Urbas Middle East Real Estate Company, a subsidiary of the Spanish Urbas group, have reached a strategic partnership.
The collaboration marks a step forward in the development of the Al-Fursan suburb in Riyadh, Saudi Arabia.
It will entail the construction of 589 residential units encompassing roughly 150,000m² and valued at approximately SR1bn ($266.62m), the state-run Saudi Press Agency reported.
The agreement was formalised in the presence of various representatives, at a ceremony held at NHC's headquarters.
The Al-Fursan project, which is aligned with Saudi Arabia's Vision 2030, is said to be one of the largest urban development initiatives in the region.
It seeks to introduce new criteria and promote a sustainable urban environment.
With an area spanning 35 million square metres, the overarching suburb will host more than 50,000 residential units, accommodating a population exceeding 250,000 residents.
It encompasses more than 190 facilities, including educational, healthcare, and recreational services, all within roughly six million square metres of green space.
Urbas has a presence in more than 20 countries and a portfolio featuring over 30,000 residential units.
NHC has also announced the sale of 1,300 residential units within Al-Fursan during the first quarter of this year, with a combined value surpassing SR1.5bn.
