Saudi Arabia’s National Housing Company (NHC) has awarded a $267 million contract to Urbas Middle East Real Estate Company, a subsidiary of the Spanish development group Urbas. The contract involves the construction of 589 residential units in the Al Fursan suburb, located in the northeast of Riyadh.
Urbas, a global development powerhouse with operations in 20 countries and a portfolio of over 30,000 residential units, brings extensive experience to this significant project. The latest contract marks a strategic expansion of Urbas Middle East’s footprint in the Saudi Arabian market.
The NHC’s decision follows the successful sale of 1,300 residential units within Al Fursan in the first quarter of this year.
The Al Fursan development boasts over 190 essential facilities, including educational, healthcare, and recreational amenities, and is surrounded by more than six million square meters of green space. Designed in alignment with Saudi Arabia’s Vision 2030, the project emphasizes sustainable living, offering a range of features to promote residents’ wellness and personal mobility.
The contract was formalized in a ceremony attended by prominent figures, including the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail; the Ambassador of Spain to Saudi Arabia, Jorge Hevia; the CEO of NHC, Mohammed bin Saleh Albuty; Urbas President and CEO, Juan Antonio Acedo Fernández; and Urbas Executive Director, Adolfo Guerrero.