The government program wants to develop 75.000 additional homes by 2030 and reach the goal of 70% ownership
Urbas has signed an agreement with the Ministry of Housing and Investment to participate in the real estate projects included in «Vision 2030», a program of the Government of Saudi Arabia that wants to develop 75,000 additional homes by 2030 and reach the target of 70% of owned homes.
The signing of this agreement comes after the National Housing Company of Saudi Arabia (NHC, National Housing Company) has qualified Urbas to develop action packages of between 500 and 1,500 homes, assessing his skills and experience in real estate development and the application of «innovative, sustainable and efficient» technologies in residential construction, as highlighted by the company.
Urbas highlighted that this agreement strengthens its position in Saudi Arabia and reconfirms its long-term strategy, now also by strengthening its «Real Estate Development» business line.
In this area, Urbas Middle East, a subsidiary company established for the development of the activities of Grupo Urbas in the Gulf, has been working to be awarded a project of between 1,000 and 1,500 homes in one of the NHC developments in Riyadh.
This project will be built with the capacities of the «joint venture» signed in August 2022 with Arkal, a Saudi construction company belonging to Prince Sultan bin Abdullah bin Abdulaziz Al Saud.
The purpose of this alliance is to participate in infrastructure megaprojects, also within the framework of the «Vision 2030» Program, adding to Arkal’s position in the country, the capabilities of Urbas and that of all its construction companies in all construction sectors. civil, engineering, residential and non-residential building, industrial and energy.
