Urbas signs an agreement to develop residential "megaprojects" in Saudi Arabia and the stock market soars

Its shares rise almost 8%, to 0.

Urbas signs an agreement to develop residential "megaprojects" in Saudi Arabia and the stock market soars

Its shares rise almost 8%, to 0.0055 euros per share


Urbas has signed a strategic agreement to develop new residential "megaprojects" in Saudi Arabia, the purpose of which is the establishment of a joint venture in that country with Abyatona Development and Gamma Middle East, as the company reported to the National Commission on Tuesday. of the Stock Market (CNMV).

The business plan of this 'joint venture' includes a first mixed-use project in Riyadh on a total area of ​​1.8 million square meters for the comprehensive development of almost 5,500 homes (villas and apartments), commercial and residential areas, sports, entertainment and leisure, educational, public services and green spaces, gardens and parks.

Specifically, the project has already been presented to the Minister of Housing of Saudi Arabia, who has appointed the National Housing Company (NHC) for its coordination and development.

The company recalled that, precisely, the NHC already qualified Urbas in early 2023 as a qualified developer to participate in the housing plans within the 'Vision 2030' agenda, promoted by Crown Prince Mohamed Bin Salman.

In this sense, Urbas is already in advanced negotiations for the assignment of the development in 2024 of more than 500 homes as a direct real estate developer.

In parallel, the company has stated that two other "emblematic" projects have also been identified in Jeddah and Dammam, which are currently in the study phase.

This strategic alliance of Urbas with Abyatona Development and Gamma Middle East accelerates the company's expansion process in Saudi Arabia, confirms its willingness "to deepen lasting economic and commercial relations, and its commitment to the country's development and modernization plans. ", he highlighted in a press release.

Likewise, it reconfirms the positioning of Urbas in the region through the already established Urbas Middle East as a base for the development of the group's activity in the Persian Gulf.

In this way and within the framework of the new cycle of expansion and internationalization in which the company is immersed, Urbas supports its projection in the Middle East, which, together with Latin America and Africa, "are strategic regions for the listed company - and intensifies its competitiveness on an international scale", obtaining "important business expectations in other countries of the Persian Gulf" and in other activities "of great projection and growth" such as water, gas and renewable energies, in the words of the corporation itself.

Urbas shares soared almost 8% after the opening of the stock market, up to 0.0055 euros per share.