Saudi Arabia's National Housing Company (NHC) and Egyptian real estate developer Talaat Moustafa Group (TMG) have signed an agreement to develop over 27,000 residential units at NHC's Banan City project in the Al Fursan suburb of Riyadh. The project will span an area of 10 million square metres and will have facilities like hospitals, schools, retail, sports facilities and other public amenities. The agreement was signed by the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al Hagail, NHC Chief Executive Mohammad Albuty and TMG Saudi Arabia Chairman Hesham Talaat Moustafa. On completion, the Banan Project will include over 50,000 housing units spread across an area of 35 million sq m, accommodating more than 250,000 residents. In February last year, NHC and Saudi Arabia's Housing Ministry signed investment agreements totalling more than $6.4bn to launch Al-Fursan, a residential suburb in northeast Riyadh. Al-Fursan is described as the largest scheme in terms of the area and number of housing units that NHC is implementing in partnership with Saudi real estate developers. A total of 18 real estate development agreements with companies including Retal Urban Development Company and Sumou Real Estate Company were signed for the district’s first phase. NHC also signed four consultancy contracts to manage projects and supervise the implementation of the district’s phase one and the deployment of comprehensive infrastructure works. Other deals involve the development of facilities, including commercial, recreational, hospitals, health and sports centres, mosques and schools.  In 2020  Riyadh planned to oversee the development of more than 1 million homes by 2025 to meet growing demand in the kingdom. By 2030, the Saudi capital aims to more than double its population, from 7-8 million to 15-20 million, and become one of the 10 wealthiest cities in the world. (ICE RIYADH)

Fonte notizia: Meed