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HomeBusinessState-owned NBCC Explores Business Opportunities in Saudi Arabia

State-owned NBCC Explores Business Opportunities in Saudi Arabia

State-owned construction company actively seeks expansion in Saudi Arabia

December 26, 2023
in Business
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State-owned construction company NBCC is looking to expand its business opportunities in Saudi Arabia. The company, a Navratna PSU, stated that it is actively exploring opportunities in the Kingdom of Saudi Arabia as part of its global expansion plan.

An e-meeting was recently held to discuss cooperation in housing and other infrastructure. The meeting was attended by representatives from the National Housing Company (NHC) of Saudi Arabia, Deputy Minister of Real Estate Development Abdulrahman Altawil, and senior NBCC officials.

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NHC, Saudi Arabia is collaborating with various countries to develop real estate, affordable housing, and innovative building technology. NBCC has expressed interest in collaborating with Saudi Arabian companies for new business ventures in the country.

Saudi Arabia is projected to require approximately 1.2 million new homes to reach a housing stock of 4.96 million houses by 2030, according to a recent report. Housing demand is expected to increase from 99,600 units in 2021 to 153,000 houses by 2030.

The meeting with representatives from Saudi Arabia provides a platform for further collaboration and exploration of joint ventures in the affordable housing and construction sectors, aligning with the shared goals of both nations, according to the statement.

NBCC is involved in project management consultancy and real estate development.

Source: Zeebiz.com

Tags: affordable housingbusiness opportunitiesexpansionNBCCreal estatesaudi arabia
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