*The following data sources: National Housing Company and Alriyadh Newspaper
Saudi Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Haqil, presided over the inauguration ceremony of the Banan project in Riyadh's Al-Fursan suburb today. The event witnessed the presence of Mr. Mohammed AL-Buty, CEO of the National Housing Company, and Mr. Hisham Talaat Moustafa, Chairman of Talaat Moustafa Group - Saudi Arabia.
This significant step signifies the implementation of the agreement signed between the National Housing Company (NHC) and Talaat Moustafa Group - Saudi Arabia during the globally acclaimed Cityscape Exhibition in September last year.
"Smart Cities, Enhancing Quality of Life for Residents and Visitors... In a strategic partnership with Talaat Moustafa Group, we have launched the 'Banan' project, a new model for a comprehensive urban community that supports all aspects of modern living and meets the needs of both residents and visitors". Mr. Mohamed AL Buty, CEO of NHC on LinkedIn
The Banan project aims to deliver over 27,000 residential units, comprising villas and apartments of various sizes, to Saudi families. Covering a vast area of 10 million square meters, with 40% dedicated to expansive green spaces, the project is set to redefine urban living. It will offer a comprehensive range of amenities, including healthcare, education, commercial facilities, a sports club, and public service areas, transforming it into an integrated smart residential city.
Notably, the Banan project is situated in Riyadh's Al-Fursan suburb, the largest residential suburb under development by the National Housing Company. Encompassing an area of 35 million square meters, the suburb accommodates over 50,000 housing units, catering to the needs of more than 250,000 residents. With over 190 vital facilities, such as educational, healthcare, and sports services, as well as parks, mosques, and prayer halls, Al-Fursan stands as a thriving community.
The National Housing Company, a leading force in the real estate development sector, is the primary developer of suburbs and residential communities in Saudi Arabia. Renowned for its commitment to high-quality living standards, the company aims to increase the housing supply throughout the country. By offering diverse housing options at affordable prices, aligned with the purchasing power of Saudi families, the company contributes to the goals of the Housing Program, a crucial aspect of Saudi Vision 2030, which aims to raise the homeownership rate to 70%
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