The National Housing Company (NHC) plans to build more than 2,000 housing units in Al-Jawan Suburb and the Al-Mashriqia Project in Riyadh, covering an area of over one million square meters, in collaboration with a number of real estate developers, through the signing of five agreements to boost the supply of residential real estate and increase the number of housing options and suitable financing solutions for Saudi families benefiting from the housing program,
The agreements are an extension of the National Housing Authority’s efforts to achieve the objectives of the Housing Program—one of the programs under the Kingdom’s Vision 2030 —and to boost the supply of residential real estate and increase homeownership rates among Saudi families, with affordable prices starting at 400,000 riyals and averaging 700,000 riyals, through streamlined electronic procedures via the “Sakani” website and app.,
His Excellency Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs, and Housing, that the five agreements are an extension of the active partnership with private-sector real estate developers, which has resulted in the delivery of high-quality, competitively priced housing units for Saudi families within an integrated environment that meets quality-of-life standards, while also benefiting the real estate development sector and enhancing its growth and contribution to the national economy to achieve the objectives of the Kingdom’s Vision 2030 programs.
The CEO of "National Housing," Engineer Mohammed Al-Bati, that the agreements are an extension of ongoing efforts in partnership with the private sector to develop residential projects with integrated services and facilities both within and outside residential suburbs, to enhance the quality of life for Saudi families through 106 projects currently under construction that provide more than 146,000 units, which are made available to beneficiaries through the “Sakani” website and app in all cities and regions of the Kingdom.
Al-Bati noted that efforts will continue in the coming period to launch more housing projects in line with the program’s targets to provide a variety of housing units, totaling 147,000 units, to increase the housing supply in Riyadh as an extension of previous proposals, in order to achieve the objectives of the Housing Program—one of the programs under the Kingdom’s Vision 2030.
The first agreement involved the implementation of a new housing project in the Al-Jawan suburb north of Riyadh, in partnership with Tilal Real Estate Company, to provide 520 villas and townhouses on an area exceeding 700,000 square meters, The agreement was signed on behalf of the National Housing Authority by CEO Mohammed Al-Bati and on behalf of "Tilal Real Estate," CEO Abdulrahman Al-Bassam. As part of the same project, a second agreement was signed with Retal Urban Development Company to provide another 520 villas and townhouses; the company was represented at the signing by its CEO, Youssef Al-Hamoudi.
As part of the expansion of new residential projects to increase the housing supply in the Al-Jawan suburb north of Riyadh, two agreements were signed to develop the "Marsa – Phase II" project to provide 850 residential units, including villas and townhouses, on an area exceeding 300,000 square meters. One agreement was signed with Dar & Emaar Real Estate Investment and Development Company, represented by its CEO Osama Al-Khneizi, and the other with Abdulrahman bin Saad Al-Rashid & Sons, represented by its CEO, Sulaiman Al-Rashid.
The fifth agreement was part of the Al-Mashriqia project located east of Riyadh, and was signed by the National Housing Company with Al-Majidiyah Company, represented by its CEO, Abdulsalam Al-Majid, for the construction of 144 apartment units.
