Urbas to build luxury community in Al Fursan
The firm has won a US $267mn contract for an upscale lifestyle development in the Riyadh suburbs
Saudi Arabia’s National Housing Company (NHC) has awarded a contract worth US $266mn to Urbas Middle East Real Estate Company, a subsidiary of Spanish development group, Urbas. Work will focus on the construction of 589 residential units in the Al Fursan suburb in the northeast of Riyadh.
A major global player with a presence in 20 countries, Urbas has a portfolio of more than 30,000 residential units, and brings a wealth of experience to this project.
With the latest contract win, Urbas Middle East aims to further increase its operations in the Saudi Arabian market. The NHC announcement comes on the back of the successful sale of 1,300 residential units within Al Fursan in Q1.
Equipped with over 190 vital facilities – including educational, healthcare, and recreational – the development is also surrounded by more than six million sqm of open green spaces. Designed to align closely with Vision 2030 in terms of its commitment to sustainable living, it also features a raft of amenities to encourage residents’ wellness and personal mobility.
The agreement was formalised in a ceremony attended by the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail; the Ambassador of the Kingdom of Spain to KSA, Jorge Hevia; along with the CEO of NHC, Mohammed bin Saleh Albuty; the President and CEO of Urbas, Juan Antonio Acedo Fernández; and the Executive Director of Urbas, Adolfo Guerrero.
