"National Housing Company" represented by CEO Mohammed Al Battai, has signed approximately 30 agreements, memoranda of understanding, and consultancy contracts with a total investment exceeding 24 billion Saudi riyals with several real estate developers. This took place on the sidelines of the inauguration of Al Fursan Suburb, the largest residential suburb in the Kingdom, under the patronage of Prince Faisal bin Bandar bin Abdulaziz, the Governor of Riyadh Region.
The signing included 18 real estate development agreements for the first phase of the suburb, in partnership with Ratel Development Company, Dar Al Arkan, Abdulrahman Al Rashed Company, Thabit Al Maskan Company, Al Tahaluf Real Estate Company, Al Diyar Al Arabia Company, Ajdan Company, Mohammad Al Habib Real Estate Company, Muskun Industrial Company, Talal Real Estate Company, Samou Real Estate Company, Muskun Al Arabia Company, Najm Al Salam Company, Satiah Al Taameer Company, Innovative Investments Company, and Tameem Company.
These agreements involve the development and implementation of residential units with diverse options, modern designs, and different sizes, according to new innovative standards in the construction, engineering, and urban planning sectors on a global scale. Additionally, an agreement was signed with the Saudi Electricity Company to implement detailed and executive plans for the electricity works in the suburb, according to the Saudi Press Agency (SPA).
Several memoranda of understanding were also signed with Sulaiman Al Habib Medical Group, Sinomine, Abdullah Al Othaim Investment Company, Saudi Sports for All Federation, Lajam Sports Company, Nawaf Al Tamayat Trading Company, Tathweer Al Mabani Company, and Amarah Al Masajid Society, to develop vital facilities within National Housing projects. These include hospitals, health centers, commercial, recreational, sports, and community centers, as well as mosques and educational schools. These developments aim to achieve the highest quality of life standards that meet the aspirations of Saudi families and provide them with a vibrant lifestyle within a fully serviced and integrated community, enabling residents to enjoy its luxury and contribute to urbanization.
Furthermore, four consultancy contracts were signed for project management and supervision of the first phase of Al Fursan Suburb and the comprehensive infrastructure works. This includes the construction of a sales building using the latest technologies that ensure infrastructure quality, enhance operational sustainability, and project development. These partnerships are with Hill International, Zuhair Fayez and Partners Consulting, Al Omir Trading and Contracting Company, and Adwaa Al Khalil Contracting Company.
It is worth mentioning that recently, the National Housing Company launched Al Fursan Suburb, covering a total area of over 35 million square meters, providing more than 50,000 housing units accommodating over 250,000 individuals. This initiative is part of their efforts to establish integrated suburbs and residential communities that enhance the quality of life and contribute to increasing the housing supply in Riyadh with diverse housing options. The company is also committed to achieving the targets of the Housing Program, one of the Vision 2030 programs, by increasing the homeownership rate for Saudi families to 70%.
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