Staff Report,
Dubai, UAE
National Housing Company (NHC), in collaboration with Talaat Mostafa Group – Saudi Arabia, has laid the foundation stone of Banan City in northeast Riyadh. The project aligns with the Kingdom’s Vision 2030 and expected revenues are projected to reach SAR40 billion (Dh39.17 billion).
Banan City promises to redefine urban living as a smart city sprawling over 10 million square meters. It aims over 120,000 residents through a gated community that integrates smart city technologies and sustainability standards. This mixed-use development will encompass various services, including healthcare, education, commerce, and a sports club, alongside smart home solutions and advanced city facility management technologies.
The ceremonial event was graced by the presence of Ihab bin Ghazi Al Hashani, Deputy Minister of Municipal Rural Affairs and Housing, alongside notable figures such as Mr. Mohammed Bin Saleh Albuty, CEO of NHC, Mr. Hisham Talaat Moustafa, Chairman of Talaat Mostafa Group—Saudi Arabia, and Mr. Sulaiman A.K. Al Muhaidib, Vice Chairman of Talaat Mostafa Group—Saudi Arabia, among other distinguished board members and senior leaders from both companies.
Mr. Hisham Talaat Moustafa noted that the expected revenues are projected to reach SAR40 billion, with a total investment of about SAR31.4 billion (Dh30.75 billion). He pointed out the project’s parallel to successful developments in Egypt, such as Madinaty.
Strategically located near vital hubs like King Khalid International Airport and Riyadh Expo 2030, Banan City is poised to be a cornerstone in Riyadh’s northeast expansion. The city will feature over 27,000 residential units, including apartments, villas, and lands, catering to diverse family housing needs at competitive pricing.
The city’s design includes 40 percent green spaces and adopts an organic planning approach that maximises residential privacy. Its central green spaces surrounded by villas ensure scenic views, enhancing the overall aesthetic and quality of life. Public services are centrally organised around the green axis, with essential services such as educational facilities, police stations, fire stations, ambulance services, and postal services located on the city periphery, further adding to the community’s convenience and safety.
Ends
Also read: Saudi Arabia residential transactions drop by 16% in 2023
, in collaboration with Talaat Mostafa Group - Saudi Arabia, has laid the foundation stone of Banan City in northeast Riyadh){kind=link}