Latest news with #NationalHousingCompany
Zawya
25-05-2025
- Business
- Zawya
Saudi's Sumou signs $181mln deal to build villas in Makkah Gate scheme
Sumou Real Estate Company has signed an agreement with the state-backed National Housing Company (NHC) to develop residential units in the Areem Makkah project. The villas will be developed on the land plots allocated to Sumou within the Makkah Gate project, the company said in a statement to the Saudi stock exchange on Sunday. Dubbed 'Area O2' within the Makkah Gate, the project covers 231,600 square metres with an estimated development value of 680 million Saudi riyals ($181.30 million). The contract duration is 42 months, starting 23 May 2025. The project is expected to have a positive impact on the company's results after the start of off-plan sales and construction, the statement said. National Housing Company (NHC), the investment arm of the Ministry of Municipal and Rural Affairs and Housing, is the master developer of Makkah Gate. (Editing by Anoop Menon) (
Zawya
22-05-2025
- Business
- Zawya
Saudi-listed Retal to build 995 residential units in Al-Khobar
Retal Urban Development Company has signed a sub-development agreement with the state-run National Housing Company to develop 995 residential units in Al-Aziziyah district, Al-Khobar. The estimated development value is 1.41 billion Saudi riyals ($373.21 million), the company said in a statement to the Saudi stock exchange on Thursday. The contract duration is 42 months from the commencement date of the agreement. The project will have a positive impact on the company's results from 2025 to 2028, the statement said. (Editing by Anoop Menon) (
Leaders
16-05-2025
- Business
- Leaders
NHC Signs MoU with K. Hovnanian ME to Develop Urban Projects
The National Housing Company (NHC) has entered into a memorandum of understanding (MoU) with K. Hovnanian ME to jointly develop a range of residential and commercial projects across NHC's urban developments. The agreement was signed during the Saudi-US Investment Forum in Riyadh. The Memorandum of Understanding was signed by NHC CEO Mohammed bin Saleh Albuty and Tyler Lewis of K. Hovnanian ME. Additionally, this partnership stems from an official visit to the United States by Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail, highlighting the strengthening investment relations and growing collaboration between the two countries. The MoU is designed to strengthen cooperation, attract foreign investment, and ensure the delivery of high-quality, internationally benchmarked real estate developments. It also supports the objectives of the Housing Program under Saudi Vision 2030 by offering integrated housing solutions aimed at enhancing residents' quality of life. Hovnanian, one of the largest real estate developers in the United States, brings extensive experience in creating residential communities. Related Topics : KSrelief Supervisor-General Meets UNHCR Deputy High Commissioner NHC Establishes Innovative Tech Firm to Transform Real Estate Saudi Health Minister Signs MoU with Chinese Counterpart to Enhance Collaboration Global Logistics Forum 2024 in Riyadh: Reshaping Global Trade Map Short link : Post Views: 13 Related Stories
Asharq Al-Awsat
07-05-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Unveils $2.6 Bln in Real Estate Supply Chain Investment Opportunities
The Saudi government is expanding its targets for 'Supply Pro,' a digital platform that connects contractors and building materials manufacturers under the National Housing Company. The plan includes a 30% increase in the number of registered local and international suppliers, a 7% localization of building materials used in housing units, and the creation of new investment opportunities valued at over 10 billion riyals ($2.6 billion) in manufacturing, supply, and logistics services. These initiatives are expected to generate more than 5,000 jobs. This was revealed by Mohammad Al-Bati, CEO of the National Housing Company, during his speech at the 'Real Estate Supply Chain Forum' in Riyadh on Tuesday, which was sponsored by Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail. The event, attended by a group of consultants, contractors, and manufacturers, aimed to explore collaboration opportunities, learn about the latest technologies in the building materials industry, and facilitate knowledge exchange between local and international companies to strengthen supply chain networks. Al-Bati also disclosed several agreements recently signed by the National Housing Company to support the real estate supply chain, with a total value exceeding 21 billion riyals ($5.6 billion). These agreements have notably boosted local content, increasing from 54% to 63% by the end of 2024, while generating thousands of direct and indirect job opportunities in this vital sector.
CairoScene
01-05-2025
- Business
- CairoScene
NHC & SEC Begin USD 72 Million Power Substation in Jeddah
The project will supply electricity to 8,000 housing units, supporting 45,000 residents in northern Jeddah. The Saudi Electricity Company (SEC) and the National Housing Company (NHC) have begun work on the Sadayem Power Substation Project, a major infrastructure development in northern Jeddah. The USD 72 million project aims to ensure efficient electrical distribution across the area, supporting its growing residential needs. The substation, spanning 4,500 square metres, will be linked by 13 kilometres of electrical connection lines, providing power to 8,000 housing units and benefiting approximately 45,000 residents. The Saudi Electricity Project Development Company will oversee the construction to ensure compliance with engineering and safety standards. Sadayem, located along the Red Sea coast, covers 3.8 million square metres and has the potential to incorporate 8 kilometres of green spaces, reinforcing its position as a key urban development in Jeddah.
