Saudi Arabia’s National Housing Company (NHC) has announced the launch of its largest new residential suburb, Al Fursan, in the northeast of Riyadh. It also announced the second phase of ‘Khuzam Suburb’, representing the largest real estate supply in the capital city.
Spanning over a 35-million-sq-m area, Al Fursan boasts more than 50,000 residences of various types, as well as over 190 key facilities and commercial centres surrounded by 6 million sq m of green space.
The project was unveiled by Prince Faisal bin Bandar bin Abdulaziz, the Governor of Riyadh region, at a special ceremony which was attended by the Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al Hogail and other senior government officials.
Speaking at the launch, Prince Faisal hailed the kingdom’s leadership for its support to the housing sector and also lauded the Ministry of Housing and NHC for its vital role in helping provide decent living standards to the Saudi citizens.
A total of 18 investment agreements worth more than SR24 billion ($6.4 billion) were signed by NHC and the Ministry of Housing with leading real estate developers for the Al Fursan suburb’s projects.
NHC Chief Executive Officer Mohammed bin Salih Al Batti said the new suburb comes with a new concept of housing and modern styles surrounded by gardens, green spaces, and integrated services.
Al Fursan, he stated, was the largest in terms of the area and number of housing units that NHC was implementing in partnership with real estate developers.
“We plan to launch the second phase of the Khuzam suburb in the near future,” he added.