NHC deal with Housing Ministry aims to finance, develop projects over 90 mln sqm: CEO

Mohammad Albuty, CEO of National Housing Co.

Mohammad Albuty, CEO of National Housing Co. (NHC), said the agreement signed with the Ministry of Municipal, Rural Affairs and Housing aims to finance and develop a portfolio of projects over ministerial lands spanning more than 90 million square meters (sqm).

There is an actual need for 300,000 housing units until the end of 2025, and this agreement will cover 150,000 housing units in 11 cities, Albuty told CNBC Arabia TV.

He added that the projects will be financed and developed by the company and its partners, noting that the projects will include housing units of various designs and spaces to serve the beneficiaries who are eligible for the Sakani Program.

NHC aims to make the price of the end product suitable for the beneficiaries, and is working on the development of projects and residential suburbs, while taking into account the quality of life and humanization of cities. This will help offer an appropriate product and services for citizens.

The company is working closely with partners from all fields to offer a large number of residential units over the next three years, which will create a great movement in the real estate sector, the top executive said.

The ministry signed, on Sept. 24, an agreement worth SAR 40 billion with NHC to finance and develop projects and infrastructure works in 11 cities across the Kingdom, according to data available with Argaam.