NHC, Talaat Mostafa Group break ground on $8.3bn Saudi city
CONSTRUCTION NEWS
Saudi Arabia's National Housing Company has joined hands with the Talaat Mostafa Group for the ground breaking of its premium development - Banan City - being set up at a total investment of SAR40 billion ($12 billion) in Northeast Riyadh.
Strategically located near vital hubs like King Khalid International Airport and Riyadh Expo 2030, Banan City is poised to be a cornerstone in Riyadh’s northeast expansion.
It will feature over 27,000 residential units, including apartments, villas, and lands, catering to diverse family housing needs at competitive pricing.
Spread over a sprawling 10 million sq m area, Banan City promises to redefine urban living as a smart city and will be home to more than 120,000 residents.
The mixed-use gated community will encompass various services, including healthcare, education, commerce, and a sports club, alongside smart home solutions and advanced city facility management technologies.
A leading force in real estate development, the NHC focuses on expanding the housing inventory in Saudi Arabia to support the Housing Program under Saudi Vision 2030, while Talaat Mostafa Group, a major player with over 50 years of experience, has developed self-sufficient urban communities across Egypt and the Middle East, including notable projects like Al Rehab City and Madinaty.
NHC said this new project aligns with the Kingdom's Vision 2030, offering a dynamic and integrated community experience.
The foundation laying ceremony was attended by Ihab bin Ghazi Al Hashani, Deputy Minister of Municipal Rural Affairs and Housing, along with other senior officials including Mohammed Bin Saleh Albuty, CEO of NHC, Hisham Talaat Moustafa, Chairman of Talaat Mostafa Group (Saudi Arabia) and Sulaiman AK Al Muhaidib, Vice Chairman of Talaat Mostafa Group (Saudi Arabia).
Highlighting the project's financial strategy, Talaat Moustafa said the expected revenues from the project are likely to hit SAR40 billion ($12 billion). "The project will be implemented on the lines of its successful developments in Egypt, such as Madinaty, which exemplifies a fully integrated service city on a global scale," he stated.
According to him, the city's design includes 40% green spaces and adopts an organic planning approach that maximises residential privacy. Its central green spaces surrounded by villas ensure scenic views, enhancing the overall aesthetic and quality of life.
Public services are centrally organised around the green axis, with essential services such as educational facilities, police stations, fire stations, ambulance services, and postal services located on the city periphery, further adding to the community’s convenience and safety, he added.-TradeArabia News Service
