Thursday May 30th, 2024
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National Housing Company & Egypt’s TMG to Build USD 8.3 Billion City

Banan City will be established in the northeast of Riyadh, near King Khalid International Airport.

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National Housing Company & Egypt’s TMG to Build USD 8.3 Billion City

Saudi Arabia’s National Housing Company will partner with Egyptian construction giant Talaat Moustafa Group (TMG) to establish a vast new development - Banan City - with a total investment cost of SAR 31.4 billion (USD 8.3 billion). The new urban development will be located to the northeast of Riyadh near King Khalid International Airport, as well as Riyadh Expo 2030, positioning Banan City as a cornerstone for the planned expansion of Riyadh.

When completed, the urban development will feature over 27,000 residential units capable of housing over 120,000 residents, with a mixture of apartments, villas and land plots available. 10 million square metres of land has been acquired for the project, which will also include facilities for healthcare, education, commerce, sports and leisure, as well as ‘smart home’ solutions.

These public services will be organised around a green axis, with such green spaces comprising up to 40% of the city’s area. The project follows successful urban developments by TMG in Egypt, including Madinaty and Al Rehab City, which provide an idea of what to expect when Banan City begins to take shape.

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