NHC to construct 20k residential units in partnership with China Machinery Engineering Corp.
The Saudi National Housing Co. and China Machinery Engineering Corp. signed an agreement to build 20,000 units in the Kingdom.
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The Saudi National Housing Co. (NHC) has partnered with China Machinery Engineering Corp. to build 20,000 residential units, enhancing the housing supply in Saudi Arabia.
This collaboration was formalized in Beijing, where the two firms agreed to construct apartments primarily in suburban and residential zones throughout the Kingdom.
The partnership was cemented during the official trip of Majid Al-Hogail, the Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Housing Program Committee, to China. This visit underscores the Kingdom’s commitment to the Housing Program, a pivotal component of Saudi Arabia’s Vision 2030 initiative.
The initiative seeks to draw international investment and establish ties with top global real estate firms. Mohammed Al-Buty, CEO of NHC, represented the company at the signing ceremony. NHC highlighted that this agreement is part of its broader strategy to collaborate with major global construction entities.
The project promises comprehensive urban and suburban community developments under NHC’s oversight, complete with essential services such as healthcare, education, and commercial facilities.
NHC, a leading real estate player in the Middle East, is set to develop nine residential suburbs, aiming to deliver 300,000 units by the end of 2025. These projects will meet high standards and affordability, while also focusing on sustainable living across Saudi Arabia.
This development aligns with the Kingdom’s objectives to boost the homeownership rate among Saudi families to 70% and integrate services across various sectors to meet the goals of the Housing Program aligned with Vision 2030.
Furthermore, NHC recently entered a contract with CITIC Construction Group from China to create an industrial city and logistic zones for building materials, including 12 factories. This move is aimed at reinforcing the supply chains essential for NHC’s housing projects, ensuring their timely execution and superior quality.
The agreement also aims to elevate the standards of local businesses by introducing advanced Chinese building technologies and attracting premier service providers to support the company’s extensive project portfolio and its subsidiaries.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Villa prices saw particularly strong growth, with capital values increasing by 33.4 percent year-on-year
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Dubai’s real estate market showed strong performance in the second quarter of 2024, with notable increases across the residential, office, and retail sectors, according to a new ValuStrat real estate report for Q2 2024.
Villa prices experienced particularly strong growth, with capital values rising by 33.4 percent year-on-year.
Haider Tuaima, Director and Head of Real Estate Research at ValuStrat said: “The Dubai real estate market has shown impressive growth and resilience in recent months. The ValuStrat Price Index for Residential Capital Values increased by 6.4 percent quarterly and 28.2 percent annually, reaching 178.2 points.
“Despite severe flooding caused by record rainfalls in April, the quick and effective response from developers and authorities helped to control the damage, ensuring that market activity and property valuations remained robust in the subsequent months.”
The office sector also performed well, with the VPI for office capital values surging by 31.7 percent annually and 9.4 percent quarterly, reaching 212.5 points—the highest quarterly increase in a decade.
In the retail sector, Emaar Properties reported 98 percent occupancy in their prime mall assets, while overall mall occupancy stood at 96 percent during the first quarter of 2024. The hospitality sector also saw growth, with total international guests reaching 8.12 million as of May 2024, a 9.9 percent increase compared to the same period last year. Hotel occupancy reached 81 percent, rising by 1.4 percent year-on-year.
Despite these positive indicators, Tuaima added, “The decline in transaction volumes calls for a closer examination of market dynamics as stakeholders navigate this evolving landscape.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
