Urbas and NHC officials sign the deal.

Saudi Arabia’s National Housing Company (NHC) has awarded a contract worth SR1 billion ($266 million) to Urbas Middle East Real Estate Company, a subsidiary of leading Spanish group Urbas, for the construction of 589 residential units within the Al Fursan suburb in the northeast of Riyadh.

Spanning approximately 150,000 sq m area, the project promises to set new standards in housing development.

The agreement was formalised in a ceremony attended by the Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al-Hogail, the Ambassador of the Kingdom of Spain to KSA, Jorge Hevia along with the CEO of NHC, Mohammed bin Saleh Albuty, the President and CEO of Urbas, Juan Antonio Acedo Fernández, and the Executive Director of Urbas, Adolfo Guerrero.

The NHC announcement comes on the back of its successful sale of 1,300 residential units in the first quarter within the Al Fursan development.

A mega urban development project in the region, Al Fursan is designed to align with Saudi Arabia’s Vision 2030. It covers an area of 35 million sq m and will feature over 50,000 residential units, accommodating more than 250,000 residents. It will comprise over 190 vital facilities, including educational, healthcare, and recreational services, all surrounded by more than 6 million sq m of green spaces, said NHC.

This extensive greenery is part of a broader initiative to enhance the living environment and contribute to the Saudi Green Initiative by planting over half a million trees, it added.