This project is part of ‘Saudi Vision’ promoted by Mohamed bin Salman through which he establishes partnerships with national and international companies
In this context, several companies such as the Egyptian Talaat Moustafa, the Chinese CMEC or the Spanish Urbas have reached agreements with the NHC of Saudi Arabia to collaborate in this initiative, being one of the few foreign companies licensed to execute real estate projects in the country. .
In the case of Urbas, it will build 589 homes in Al Fursan, located north of Riyadh. Work is scheduled to begin in the fourth quarter of the year. With this new project, Urbas will invoice 130 million euros and position itself in the real estate market in Saudi Arabia, as reported by the company itself recently.
Thus, while waiting for new construction awards, the Spanish company Urbas has managed to position itself in a market that is expected to reach 101.62 billion dollars in 2029, growing at an annualized rate of 8% during the period 2024-2029, according to a study by the market research company Mordor Intelligence.
In the same district as Urbas, the Egyptian Talaat Moustafa Group will build one of the largest projects in the area, Benan City. Benan City is planned to consist of 27,750 housing units in a multi-purpose project as it will also include health, education, commercial and public services facilities.
For its part, Machinery Engineering Corporation (CMEC) also signed an agreement to build around 20,000 homes in the Saudi country. This will not be the only Chinese company, since the CITIC Construction conglomerate will develop factories for the production of materials to supply residential construction projects.
