March 5, 2024
Under the patronage of Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al-Hagail, the National Housing Company (NHC) and Talaat Moustafa Group—Saudi Arabia (TMG) signed a protocol to inaugurate the launch of the Banan City Project in Riyadh's Al-Fursan suburb. The event was attended by the CEO of NHC chief executive Mohammad Albuty andTMG—Saudi Arabia Chairman Hesham Talaat Moustafa. This step comes as an activation of the agreement signed between NHC and TMG on the sidelines of the Cityscape Global Exhibition last September. The Banan Project will provide over 27,000 residential units, including villas and apartments, for Saudi families. The units will vary in size and spread across a project area of 10 million square meters, with 40% dedicated to expansive green spaces. The project aims to be a multi-purpose development, integrating high-quality, sustainable services such as healthcare, education, commerce, sports facilities, and public amenities. Ultimately, Banan City will be an intelligent residential community with comprehensive services. TMG is one of the largest integrated institutions in Egypt and the wider Middle East. Over the course of more than five decades, TMG has successfully established fully serviced urban cities and communities. Notable examples include: - Rehab City: Spanning an area of 10 million square meters, it is Egypt’s first privately developed integrated city. - Madinaty: Occupying 33 million square meters, it is a comprehensive model for globally integrated cities. - Noor City in Capital Gardens: Covering an area of 21 million square meters, it represents a new leap in developing intelligent, integrated cities. Banan Project, located in northeastern Riyadh, is situated in the Al-Fursan suburb, which is developed by NHC and offers over 50,000 residential units across an expansive area of 35 million square meters, accommodating more than 250,000 residents. Al-Fursan boasts over 190 vital facilities, including educational, healthcare, and sports services, as well as parks, mosques, and community centers. NHC is a leading and empowered real-estate development company in Saudi Arabia. It is the country's largest primary developer of suburbs and residential communities. NHC focuses on enhancing quality of life and aims to increase the real-estate supply in the Kingdom. The company provides diverse housing options at prices that align with purchasing capabilities. The effort is part of its commitment to achieving the goals of the Housing Program, one of the initiatives under Saudi Vision 2030, which aims to raise the homeownership rate for Saudi families to 70%.
