In a significant move to enhance Riyadh’s housing landscape, the National Housing Company (NHC) has joined forces with Talaat Moustafa Group—Saudi Arabia (TMG) to announce the commencement of the Banan City Project. This initiative was set in motion under the auspices of Majid bin Abdullah Al-Hagail, the Minister of Municipal and Rural Affairs and Housing. The inauguration ceremony was graced by the presence of NHC’s CEO, Mohammad Albuty, and TMG’s Chairman, Hesham Talaat Moustafa.
The collaboration between NHC and TMG was first established during the Cityscape Global Exhibition last fall. The Banan Project is poised to deliver a staggering 27,000 residential units to Saudi families. These units, comprising both villas and apartments, will be dispersed over a sprawling 10 million square meter area. A significant portion, 40%, of the project’s expanse is allocated for lush green spaces, emphasizing the developers’ commitment to creating a harmonious blend of urban and natural environments.
Designed to be a comprehensive, multi-purpose development, Banan City will integrate high-end, sustainable amenities spanning healthcare, education, commerce, and sports, along with public facilities. The project is envisioned as an intelligent residential community, equipped with a full suite of services to cater to its residents’ needs.
TMG boasts a legacy of over fifty years in creating landmark integrated cities in Egypt and the Middle East. Examples of their pioneering work include Rehab City, Madinet Nasr for Housing and Development (Madinaty), and Nour City in Capital Gardens—each a testament to their expertise in urban development.
The Banan Project is situated in Riyadh’s northeastern Al-Fursan suburb, a burgeoning area developed by NHC that offers more than 50,000 residential units. Al-Fursan is designed to accommodate a population exceeding 250,000, with over 190 essential facilities that cater to the community’s educational, health, and recreational needs.
As Saudi Arabia’s preeminent real-estate development entity, NHC stands at the forefront of suburb and residential community development, with a focus on enriching the quality of life for its citizens. Their mission aligns with the objectives of the Housing Program under Saudi Vision 2030 to increase the real-estate supply and elevate homeownership rates for Saudi families to 70%.