Saudi Arabia’s National Housing Company (NHC) has formally launched Al-Ruba, a new urban development east of Riyadh with investments of 7.8 billion Saudi riyals ($2.1 billion), the state-owned company said on Monday.
The project will cover 5.7 million square metres (sqm), feature more than 9,000 residential units, and include 800,000 sqm of green space, CEO Mohammed Al-Batti said at the launch.
With the addition of Al-Ruba, the value of NHC’s Riyadh investment portfolio has risen to more than SAR 146 billion ($39 billion), he added.
The project forms part of NHC’s broader mandate to support Saudi Arabia’s Vision 2030 housing programme.
(Reporting by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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