Banan City: A $12 Billion Urban Oasis Emerges in Northeast Riyadh

Banan City: A $12 Billion Urban Oasis Emerges in Northeast Riyadh

By Staff Writer, 13 May 2024

Saudi Arabia's National Housing Company (NHC) has teamed up with the Talaat Mostafa Group to kick off the groundbreaking ceremony for Banan City, a prestigious development project in Northeast Riyadh.

With a staggering investment of SAR40 billion ($12 billion), Banan City is strategically positioned near key hubs like King Khalid International Airport and Riyadh Expo 2030, marking a pivotal step in the northeast expansion of Riyadh.

Banan City is slated to comprise over 27,000 residential units, including apartments, villas, and land plots, addressing a wide spectrum of family housing needs at competitive prices.

Spanning across an expansive 10-million-square-meter area, the project aims to revolutionize urban living by transforming into a smart city, accommodating over 120,000 residents.

This mixed-use gated community will offer a plethora of amenities, including healthcare, education, commerce, and a sports club, alongside cutting-edge smart home solutions and advanced city facility management technologies.

The collaboration between NHC, a key player in real estate development focused on bolstering housing inventory as per Saudi Vision 2030, and the Talaat Mostafa Group, renowned for its self-sufficient urban communities across Egypt and the Middle East, underscores a shared commitment to realizing the Kingdom's Vision 2030 by fostering dynamic and integrated community experiences.

The foundation-laying ceremony witnessed the presence of dignitaries such as Ihab bin Ghazi Al Hashani, Deputy Minister of Municipal Rural Affairs and Housing, Mohammed Bin Saleh Albuty, CEO of NHC, Hisham Talaat Moustafa, Chairman of Talaat Mostafa Group (Saudi Arabia), and Sulaiman AK Al Muhaidib, Vice Chairman of Talaat Mostafa Group (Saudi Arabia).

Talaat Moustafa emphasized the project's robust financial outlook, projecting revenues of SAR40 billion ($12 billion), drawing parallels to successful ventures like Madinaty in Egypt.

Emphasizing Banan City's design, Talaat Moustafa highlighted its focus on green spaces, with 40% of the area dedicated to lush surroundings that enhance residential privacy and aesthetic appeal.

The integration of public services around central green spaces ensures convenience and safety, with educational, security, and emergency facilities strategically located within the community.

Source: Trade Arabia

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