The agreement—concluded during Cityscape Saudi Arabia 2025—marks the partners’ first joint project in the Kingdom and aligns with the Vision 2030 Housing Programme.
Project worth SAR 3.3 billion
The development spans more than 228,000 square metres and is valued at over SAR 3.3 billion ($880 million). NHC says the project will contribute to its target of raising homeownership rates to 70 percent by 2030 through public–private partnerships.
Designed as a mixed-use, sustainable community, the project forms part of Riyadh’s broader push to expand modern residential areas and improve the quality of life as the capital undergoes rapid expansion.
Grova Developments to lead implementation
Under the agreement, Grova Developments, the real estate arm of Hassan Allam Holding, will oversee design and implementation. Tilal Real Estate, one of Saudi Arabia’s largest developers, will act as the main local partner, bringing market expertise and existing projects in community housing.
The signing ceremony was attended by Saudi Housing Minister Majid bin Abdullah Al-Hogail; NHC CEO Mohamed Albuty; Tilal Real Estate CEO Abdulrahman Al-Bassam; and senior executives from Hassan Allam Holding.
Executives highlight investment push
Hassan Allam Holding CEO Hassan Allam said the partnership reflects the group’s long-term investment strategy in Saudi Arabia as the Kingdom accelerates infrastructure and housing development.
Tilal CEO Al-Bassam said the collaboration brings together “national vision and private-sector capability,” while NHC’s Albuty said the project supports the company’s efforts to attract foreign investment and global expertise to the sector.
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