The stock market soars more than 4% after being awarded the “megaproject”


Urbas has been awarded a Saudi Arabian tender for the construction and promotion of 589 homes in Riyadh, as reported by the company in a press release this Monday, of which the amount of the transaction has not been revealed.

The firm has highlighted that it is one of the “few” foreign companies licensed to execute real estate projects in Saudi Arabia after the National Housing Company (NHC) qualified it as a qualified developer, valuing “positively” its capabilities and experience in real estate development, as well as the application of “innovative, sustainable and efficient” technologies in residential construction.

In this sense, Urbas will build and promote nearly 600 homes in Al-Fursan 2, an urban “megadevelopment” northeast of Riyadh with an area of ​​more than 620 hectares.

This new residential development is included in the housing programs of the ‘Saudi Vision 2030’ – promoted by Crown Prince Mohamed bin Salman – with which it is planned to build more than 600,000 homes by 2030 and raise the rate to 80%. of homeowners.

Alfursan 2 is one of the five developments that the NHC put out to tender in four cities in the country last summer and one of the most demanded by clients and real estate developers.

Specifically, in this “mega” urban development, nearly 9,000 homes will be built in a development with commercial, residential, sports, entertainment and leisure, educational, public services and green spaces areas.

Thus, in the first phase, 3,500 single-family homes have been put out to tender, with Urbas being awarded approximately 20%.

The Urbas project – whose works are scheduled to start in the fourth quarter of this year – is made up of 589 single-family homes of different types from 5 to 7 bedrooms, with between 270 and 320 square meters of constructed area, with sales prices estimated between 800,000 and 1,200,000 Saudi riyals (196,896.2 euros and 295,349.7 euros, respectively).

For their part, Urbas shares soared almost 4.2% around 9:30 a.m., to 0.005 euros per share.