NHC, Al Akaria advance the Kingdom’s housing projects: The National Housing Company (NHC) signed agreements with Chinese developers to build over 24k housing units, while Saudi Real Estate Company (Al Akaria) expanded its Riyadh portfolio with new contracts worth SAR 763.8 mn.

#1- NHC taps Chinese firms for housing units: NHC signed framework agreements with Chinese firms, including a SAR 8.7 bn framework agreement with the China Seventh Construction Engineering Bureau (C7B) to develop over 20k units, state news agency SPA reports. The agreements are part of a Saudi-Chinese housing cooperation plan to develop 100k units by 2030.

A fruitful visit: The agreements were concluded during Housing Minister Majid Al Hogail’s two-day visit to China last week, which saw Al Hogail meet with representatives of PowerChina, MCC, and CMEC to discuss cooperation in construction technologies. The consortium has already completed 3k units through projects with MCC (1.2k units) and PowerChina/Sinohydro (1.8k units).

The minister also met with representatives from Citic Group and CACC, to discuss participation in engineering, procurement, construction + finance (EPC+F) models. The visit also included agreements to localize supply chains via NHC’s SupplyPro platform.

#2- Al Akaria awards SAR 763.8 mn in contracts for Riyadh developments: Al Akaria awarded two contracts for civil, structural, architectural, MEP, and external works at new residential and commercial projects in Riyadh.

  • A SAR 425 mn contract was awarded to Rezaik Abdullah Saeed Algedrawy Althabeti & Partners for the implementation of the Fai Sedra 2 residential complex, Al Akaria said in a disclosure to Tadawul. Located in the Sedra district of Roshn, the project will include 310 villas across a 92.5k sqm plot;
  • A SAR 338.8 mn contract was awarded to Saudi Real Estate Construction Company (Tamear) for the Al Narjis Business Park project, Al Akaria said in a separate disclosure. The Al Narjis district development will offer leasable spaces for offices, restaurants, outdoor plazas, and landscaped green areas.
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