Saudi National Housing Company signs agreements worth $533m

The NHC is the investment arm of the Ministry of Municipal and Rural Affairs and Housing’s initiatives and programs in the real estate, residential, and commercial sectors. (Shutterstock)
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Updated 30 September 2022
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Saudi National Housing Company signs agreements worth $533m

  • NHC’s work in line with Vision 2030’s objective of increasing Saudi family residential ownership to 70%

RIYADH: The National Housing Company signed nine agreements totalling SR2 billion ($533 million) with a number of national strategic partners on the sidelines of the Distinguished Cities Projects Exhibition in Riyadh, the Saudi Press Agency reported.

The agreements with national partners aim to provide project management services, engineering supervision, design work implementation, housing unit construction, and evaluation services.

Furthermore, the agreements make it easier to manage the printing environment and control consumption, as well as ensure the quality of infrastructure, improve operational sustainability and develop projects.

Earlier this month, the National Housing Company signed an agreement to finance and develop a portfolio of projects worth more than SR40 billion ($10 billion), which will result in the construction of more than 150,000 housing units in 11 cities across Saudi Arabia.

The company, founded in 2016, is the investment arm of the Ministry of Municipal and Rural Affairs and Housing’s initiatives and programs in the real estate, residential, and commercial sectors.

It aims to increase real estate supply with a variety of housing options, in line with Vision 2030’s objective of increasing Saudi family residential ownership to 70 percent.

 


Pioneering electric bus service takes to the road in Makkah

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Pioneering electric bus service takes to the road in Makkah

  • The bus rapid transit project, a system designed to have higher capacity and reliability than conventional bus services, is said to be the first of its kind in the Kingdom
  • The vehicles operate in dedicated bus lanes within a network that includes two main bus stations and 11 stops along the route connecting them

MAKKAH: A pioneering electric bus service took to the road in Makkah this week.

Electromin, the developer and operator of the service in partnership with Umm Al-Qura for Development and Construction, said it is expected to serve more than 125 million passengers over the next 15 years, while cutting carbon dioxide emissions by more than 31,500 tonnes compared with traditional vehicles.

The bus rapid transit project, a system designed to have higher capacity and reliability than conventional bus services, is said to be one of the first of its kind in the Kingdom. It was inaugurated on Wednesday by Amr Al-Dabbagh, chairperson of Al-Dabbagh Group, Samir Nawar, managing director of Petromin, and Yasser Abu Ateeq, CEO of Umm Al-Qura.

The bus rapid transit project is designed to have higher capacity and reliability than conventional bus services. (Supplied)

Electromin, a subsidiary of Petromin specializing in energy and mobility solutions, said the new service, which forms part of the Masar Destination mixed-use real estate development project in Makkah, is one the first transport networks of its kind in the country, and represents a significant shift toward a cleaner, more efficient urban transport model.

It operates in dedicated bus lanes, connecting key hubs within Masar and providing safe, reliable and environmentally friendly transportation for residents and visitors, the company added. The network includes two main bus stations and 11 stops along the route connecting them. It has been designed to serve more than 5 million visitors and pilgrims annually, and to be easily accessible to all users.

Operators say the service is designed as a foundation for Makkah’s future transportation system, through its integration with the broader Masar project, which includes pedestrian walkways, more than 5,000 parking spaces, metro services and other urban infrastructure.