Talaat Mostafa Group, the renowned urban developer in Egypt, has recently forged a strategic partnership with the Saudi National Housing Company (NHC) during the prestigious Cityscape Global Exhibition . This momentous occasion was graced by the esteemed presence of Mr. Majid bin Abdullah Al-Haqeel, the Minister of Municipal and Rural Affairs and Housing.
The purpose of this agreement is to jointly develop a smart residential city in the eastern region of Riyadh, aiming to provide a sustainable and top-notch living environment for its residents.
As per a statement released by the group to the stock exchange, it is estimated that the new city project will offer around 27,750 housing units, encompassing villas and residential units suitable for families of different sizes ranging from 220 to 400 square meters.
Additionally, a variety of residential apartments will also be available. The project will span an impressive area of 10 million square metres, with 40% of the land thoughtfully allocated for vast green spaces. The proposed venture envisions a versatile development, encompassing a myriad of amenities such as healthcare, education, commercial establishments, a sports club, and public service areas. The anticipated investment cost for this city project is estimated to be approximately 40 billion Saudi riyals.