The Saudi housing program provides for the development and construction of 75,000 additional homes by 2030
Madrid, 30 Ene. (EUROPE PRESS) -
Urbas has signed an agreement with the Ministry of Housing of Saudi Arabia and the Ministry of Investment to participate in the real estate projects included in 'Vision 2030', a government program that plans to develop 75,000 additional homes by 2030 and reach the target of 70% of owned homes.
The signing of this agreement comes after the National Housing Company of Saudi Arabia (NHC, National Housing Company) has qualified Urbas to develop action packages of between 500 and 1,500 homes, assessing his skills and experience in real estate development and the application of "innovative, sustainable and efficient" technologies in residential construction, as highlighted by the company.
Urbas stressed that this agreement strengthens its position in Saudi Arabia and reconfirms its long-term strategy, now also by strengthening its 'Real Estate Development' business line.
In this area, Urbas Middle East, a subsidiary company established for the development of the activities of Grupo Urbas in the Persian Gulf, has been working to be awarded a project of between 1,000 and 1,500 homes in one of the NHC developments in Riyadh.
This project will be built with the capacities of the 'joint venture' signed last August with Arkal, a Saudi construction company belonging to HRH Prince Sultan bin Abdullah bin Abdulaziz Al Saud.
The purpose of this alliance is to participate in mega infrastructure projects, also within the framework of the 'Vision 2030' Program, adding to Arkal's position in the country, the capabilities of Urbas and that of all its construction companies in 'Infrastructure and Building' and in all sectors of civil works, engineering, residential and non-residential building, industrial and energy.