September 10, 2023
The Saudi National Housing Company cooperated with Talaat Moustafa Group with the aim of launching a new project to develop the city of “Banan” in the Saudi capital, Riyadh. According to a statement issued by the Saudi company, the details of the project are scheduled to be announced within two months, with the city of Banan being a smart residential city with integrated services to ensure a sustainable quality of life, and it will be established according to international standards that raise the aspirations of those seeking distinguished housing in the city of Riyadh. The statement described the partnership as the largest regional partnership concluded by the National Housing Company with regional real estate development companies. The new project will be located in Al-Fursan suburb of Riyadh, with an area estimated at 10 million square metres, and will provide 27,750 thousand residential units, including villas and family residential units, with areas ranging from 220 to 400 square metres. While the CEO of Talaat Moustafa Group stated that the investment cost of the Banan City project in the Saudi capital reaches 40 billion riyals. ** Source: CNBC Arabia
