Talaat Moustafa, NHC to build 27,000 homes in Riyadh suburb
RIYADH, March 6, 2024
Saudi-based Talaat Moustafa Group has reached an agreement with the National Housing Company (NHC) to jointly develop more than 27,000 residential units, including villas and apartments, for Saudi families as part of its Banan City project coming up in the Al Fursan suburb of Riyadh.
Spread across a project area of 10 million sq m in northeastern Riyadh, the Banan City aims to integrate high-quality, sustainable services such as healthcare, education, commerce, sports facilities, and other public amenities.
Of the total project area, 40% will be dedicated to expansive green spaces, said the key developer in its statement.
A multi-purpose project from NHC, the Banan City is being developed as an intelligent residential community with comprehensive services, ideal for Saudi families.
The agreement was signed under the patronage of Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al Hagail, and in the presence of NHC Chief Executive Mohammad Albuty and TMG - Saudi Arabia Chairman Hesham Talaat Moustafa.
TMG is one of the largest integrated institutions in Egypt and the wider Middle East and over the course of more than five decades, it has successfully established fully serviced urban cities and communities.
On completion, the Banan Project will boast over 50,000 housing units across an expansive 35 million sq m area that will accommodate more than 250,000 residents..-TradeArabia News Service
