NHC sales hit record high in 2024, seen to rise next year: CEO

Mohammad Albuty, CEO of National Housing Co. (NHC)

The sales of National Housing Co. (NHC) hit a record high this year despite higher interest rates, thanks to its various offerings that meet client needs in Saudi Arabia, CEO Mohammed Albuty told Al-Arabiya on the sidelines of FII8 Riyadh.

The company’s sales in the first half of 2024 were equal to the total sales of 2023. This year has seen the highest sales figures, both in terms of units and value.

Albuty explained that demand for the company’s products remains high despite rising interest rates, indicating that the product being developed by the company and its partners is well-suited to the Saudi market. With expected interest rate reductions next year, the CEO anticipates a significant increase in sales, surpassing those of 2024.

He added that the company aims to provide 300,000 housing supply by the end of next year, having completed 150,000 units of this target so far.

There is substantial demand for the company's projects, with waiting lists of customers eager to buy. The company doubled its production capacity and has contributed to creating hundreds of thousands of jobs over the past five years. It expects to generate 233,000 jobs next year, amounting to one job out of every 69 to be created in the Saudi economy in 2025.

Albuty expects NHC’s contribution to the Kingdom's economy to exceed SAR 32 billion next year, accounting for nearly 9% of Saudi Arabia’s construction sector.