In a huge moment for real estate in Saudi Arabia, the National Housing Company (NHC) and Talaat Moustafa Group (TMG) teamed up to start building ‘Banan’ City in northeast Riyadh. This event marks a big step forward in the Kingdom’s cities. It will all kick off on Wednesday, May 15, 2024
The ceremony was attended by a group of significant individuals, including Ihab bin Ghazi Al Hashani, Deputy Minister of Municipal Rural Affairs and Housing; Mr. Mohammed Bin Saleh Albuty, CEO of NHC; Mr. Hisham Talaat Moustafa, Chairman of Talaat Moustafa Group; and Mr. Sulaiman A.K. Al Muhaidib, Vice Chairman of Talaat Moustafa Group, among others.
The Chairman of TMG talked on the project’s financial strategy, projecting revenues of SAR 40 billion with a total investment of SAR 31.4 billion
TMG: Pioneers in Integrated Urban Development
At the forefront of this initiative stands Talaat Moustafa Group, the first private sector company to hold an integrated city project in the Kingdom. With a rich legacy spanning over five decades, TMG has an impressive portfolio of developments across Egypt and the Middle East, including renowned projects like Al Rehab City and Madinaty.
Their partnership with the NHC shows a shared commitment to expanding and establishing sustainable urban communities, which is one of the objectives of Saudi Vision 2030.
Banan City: Redefining Urban Living
Banan City is set to redefine urban living in Riyadh. Extending over 10 million square meters, this visionary project aspires to accommodate over 120,000 residents within a gated community that seamlessly integrates smart city technologies. The project is envisioned as a holistic ecosystem that balances residential, commercial, and recreational spaces.
The city’s design prioritizes the well-being and convenience of its inhabitants, with amenities and services such as healthcare, educational facilities, commercial districts, and recreational spaces.
Residents of Banan City can look forward to a futuristic lifestyle empowered by smart home solutions and advanced city facility management technologies.
As the foundation stone is laid, Banan City stands as a testament to the power of collaboration and innovation in shaping the future of urban living in Saudi Arabia.
WE SAID THIS: Don’t Miss…Saudi Arabia’s Space Odyssey: Navigating The Future Of Space Exploration
