Urbas has signed a strategic agreement with the National Housing Company (NHC), the national housing company of Saudi Arabia and the main developer of residential developments in the country, for the construction of almost 600 homes in Riyadh, with an expected global turnover of 130 million euros, the Spanish company has reported.

The project, whose works are expected 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 estimated sales prices between 800,000 and 1,200,000 Saudi riyals.

The homes will be built in Al-Fursan, a new residential development northeast of Riyadh 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 until 2030 and raise the homeownership rate to 70%.

The agreement was formalized in an event held at the NHC headquarters in Riyadh that was attended, among others, by the Saudi Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail; the president of NHC, Ihab bin Ghazi Al Hashani, and the CEO of the Saudi company, Mohammed bin Saleh Albuty.

On the Spanish side, the Spanish Ambassador to Saudi Arabia, Jorge Hevia, attended the signing of the agreement; the president and CEO of Urbas, Juan Antonio Acedo, as well as Adolfo Guerrero, executive director of the Spanish company.

The NHC has highlighted that “this partnership is an important milestone in Al-Fursan”, one of the largest urban developments in the region, with an area of ​​35 million square meters to build a total of more than 50,000 residential units and accommodate more than 250,000 residents.

It will be equipped with more than 190 vital facilities, including educational, health and recreational services, all surrounded by more than 6 million square meters of green areas.

“Our commitment to the development and modernization plans of Saudi Arabia is solid and sincere,” said Juan Antonio Acedo, president and CEO of URBAS. “For this reason, we are deeply grateful for the trust that both the Ministry of Housing and the NHC have shown in our company to participate in this emblematic and ambitious project,” he added.

The company has highlighted that with this project it “supports” its projection in the Middle East, which, along with Latin America and Africa, are strategic regions for Urbas, obtaining “important expectations” of business in other countries of the Persian Gulf.