Urbas has sealed an agreement with the Saudi real estate company National Housing Company (NHC), the main developer of residential developments in Arabia, for the construction of almost 600 homes in Al-Fursan (Riyadh) and entails an expected global turnover figure of more than 130 million euros. Specifically, the Urbas project, whose works are scheduled to start in the fourth quarter of this year, is made up of 589 single-family homes of different types with estimated sales prices between 800,000 and 1,200,000 rials, the Spanish company has indicated.
In Al-Fursan, northeast of Riyadh, a new residential development is planned, included in the housing programs of the ‘Saudi Vision 2030’, promoted by Crown Prince Mohamed bin Salman, with which more than 600,000 homes are expected to be built by 2030 and raise the homeownership rate to 70%. Specifically, the Al-Fursan project, one of the largest urban developments in the region, has an area of 35 million square meters to build a total of more than 50,000 residential units and accommodate more than 250,000 residents.
The project is also equipped with more than 190 facilities, including educational, health and recreational services, and more than 6 million square meters of green areas that are part of a broader initiative that includes planting more than one million trees. Urbas is licensed to carry out real estate projects in Saudi Arabia after being qualified as a qualified developer by the NHC.
In fact, the Middle East, along with Latin America and Africa, are strategic regions for cities, which Spain obtains business reputations in other areas of the Persian Gulf and in other activities of the Compa Water, Gas and Renewable Energy Company.
