Saudi Arabia’s National Housing Company (NHC) has signed a $181m agreement with Al-Khobar-based developer Sumou Real Estate Company to sub-develop a package at the Mecca Gate project.  Sumou Real Estate Company will develop over 900 residential villas at the Mecca Gate project. Sumou obtained the off-plan sales licence for the Areem residential package at the Mecca Gate project in January last year. In November 2022, Sumou signed a development agreement with NHC to build villas on land plots in area eight within the Mecca Gate project, covering about 88,600 square metres (sq m).  Riyadh  was planing to oversee the development of more than 1 million homes by 2025 to meet growing demand in the kingdom. By 2030, the Saudi capital aims to more than double its population, from 7-8 million to 15-20 million, and to become one of the 10 wealthiest cities in the world. The Mecca Gate project is located on the Prince Mohamed Bin Salman Bin Abdulaziz road leading to Mecca from Jeddah. It has a capacity to accommodate over 38,000 residents in more than 8,000 housing units, including villas, townhouses and apartments. GlobalData expects the kingdom’s construction industry to record an annual average growth rate of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure projects, as well as the $850bn-plus gigaprojects programme.   For registration as a supplier: https://nhc.sa/en/contact/ (ICE RIYADH)

Fonte notizia: Meed