Talaat Moustafa Group, a leading real estate developer in Egypt, has announced its partnership with National Housing Company (NHC), a Saudi company specializing in housing development, to launch Banan City, a new smart residential city in Riyadh. The project, which has an investment cost of SAR 40bn, will be one of the largest residential projects in the area, spanning an area of 10 million square meters. The announcement was made during the Cityscape International Conference in Saudi Arabia, where Mohammad Albuty, CEO of NHC, and Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group, presented the details of the project. They said that Banan City will offer a sustainable quality of life and integrated services to its residents, exceeding their expectations. They also said that the project will be implemented per international standards and the concept of sustainable development. Banan City will be located in the suburb of Al-Fursan in Riyadh. It will provide 27,750 housing units, including villas with areas ranging from 220 to 400 square metres, and apartments of different sizes. The project will also allocate 40% of its area to vast open green landscapes. Moreover, the project will be multi-use, as it will include health, educational, and commercial services, a sports club, and public service areas. Hisham Talaat Moustafa said that the project is a result of the long-standing experience and expertise of Talaat Moustafa Group in developing sustainable communities that are inhabited by over one million people. He said that the group is keen on transferring its successful experience in several integrated urban projects in Egypt to the Kingdom of Saudi Arabia. He also said that the project is one of the largest regional partnerships concluded by NHC with regional real estate development companies. Albuty said that Banan City is a smart residential city that features digital and technical enhancements to offer a unique experience to its clients. He said that the project reflects the vision and strategy of NHC to provide innovative housing solutions that meet the needs and aspirations of Saudi society. The project is expected to be completed within four years. The details of the project will be announced within two months.
