NHC awards contract to build 20,000 homes in Saudi Arabia
RIYADH, July 20, 2024
Saudi Arabia's National Housing Company has awarded a major contract to China State Construction Engineering Corporation (CSCEC) for building 20,000 residential units within the suburbs and communities developed by NHC across the kingdom.
These units will be of various sizes and designs equipped with key amenities including healthcare, educational, commercial, and public service facilities to ensure a high quality of life for its residents, said the company in a statement.
According to NHC, this agreement is a part of its strategy to increase the real estate supply through strategic partnerships with major global companies. The goal is to establish high-quality housing projects in various regions of the kingdom.
The agreement was signed by CEO Mohammed bin Saleh Al Buty and CSCEC's President for the Middle East and Africa Region, Gao Yu Chun in the presence of the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al Hogail.
This is an extension of the Saudi-Chinese partnership and builds on a series of pacts signed during the recent visit of Minister Al Hogail to China, said the statement
There NHC signed agreements with CSCEC to establish an industrial and logistics city for building materials to secure supply chains for its suburbs and communities, it stated.
Additionally, an agreement was inked with China Machinery Engineering Corporation (CMEC) to build 20,000 housing units in various regions of the Kingdom. These partnerships are expected to contribute significantly to the development of the real estate sector.
NHC pointed out that this partnership is part of its effort to develop high-quality projects with leading global contracting companies.
A pioneer in the real estate development sector and the largest primary developer of suburbs and urban communities in the kingdom, NHC has set an ambitious target to deliver more than 300,000 new housing units by the end of next year at a total investment of more than SAR250 billion ($68 billion).
NHC is dedicated to creating high-quality living spaces and aims to increase the real estate supply with housing options that meet global standards, said the statement.
This is in line with Saudi Vision 2030's goal of raising the homeownership rate for Saudi families to 70%, it added.-TradeArabia News Service
