Saudi Arabia’s National Housing Company has partnered with the Talaat Mostafa Group to break ground on its premium development, Banan City, which will cost SAR40 billion ($12 billion) to build in Northeast Riyadh.
Banan City, strategically located near vital hubs such as King Khalid International Airport and Riyadh Expo 2030, is poised to play a key role in Riyadh’s northeast expansion.
Over 27,000 residential units, including apartments, villas, and lands, will be available at competitive prices to meet the diverse housing needs of families.
Banan City, which will have over 120,000 residents and cover an area of 10 million square meters, promises to redefine urban living as a smart city.
The mixed-use gated community will offer a variety of services such as healthcare, education, commerce, and a sports club, in addition to smart home solutions and advanced city facility management technologies.
The NHC, a leading force in real estate development, focuses on expanding Saudi Arabia’s housing inventory to support the Saudi Vision 2030 Housing Program, whereas Talaat Mostafa Group, a major player with over 50 years of experience, has developed self-sufficient urban communities throughout Egypt and the Middle East, including notable projects such as Al Rehab City and Madinaty.
NHC stated that this new project is consistent with the Kingdom’s Vision 2030, providing a dynamic and integrated community experience.
The foundation-laying ceremony was attended by Ihab bin Ghazi Al Hashani, Deputy Minister of Municipal Rural Affairs and Housing, as well as other senior officials such as 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.
Highlighting the project’s financial strategy, Talaat Moustafa said the expected revenues from the project are likely to hit SAR40 billion ($12 billion). “The project will be implemented on the lines of its successful developments in Egypt, such as Madinaty, which exemplifies a fully integrated service city on a global scale,” he stated.
According to him, the city’s design incorporates 40% green space and uses an organic planning approach to maximize residential privacy. Its central green spaces, surrounded by villas, provide scenic views, which improves the overall aesthetic and quality of life.
Public services are organized centrally around the green axis, with essential services such as educational facilities, police stations, fire stations, ambulance services, and postal services located on the city’s outskirts, enhancing the community’s convenience and safety, he added.