Urbas has signed an agreement with the Ministry of Housing and the Ministry of Investment to participate in the real estate projects included in "Vision 2030", the Saudi Arabian Government's programme to develop 75,000 additional homes by 2030 and reach the target of 70% home ownership.
The signing of this agreement comes after the Saudi Arabian National Housing Company (NHC) has qualified Urbas to develop action packages of between 500 and 1,500 homes, valuing its capabilities and experience in real estate development and the application of "innovative, sustainable and efficient" technologies in residential construction, according to the company.
Urbas has highlighted that this agreement strengthens its position in Saudi Arabia and reconfirms its long-term strategy, now also through the strengthening of its "Real Estate Development" business line.
In this area, Urbas Middle East, a subsidiary company set up to develop the Urbas Group's activities in the Gulf, has been working to win a project of between 1,000 and 1,500 homes in one of NHC's developments in Riyadh.
This project will be built with the capacities of the joint venture signed in August 2022 with Arkal, a Saudi construction company belonging to Prince Sultan bin Abdullah bin Abdulaziz Al Saud.
The purpose of this alliance is to participate in infrastructure megaprojects, also within the framework of the "Vision 2030" Programme, adding to Arkal's position in the country, Urbas' capabilities and those of all its construction companies in all sectors of civil works, engineering, residential and non-residential building, industrial and energy.