The National Housing Company (NHC) signed a memorandum of understanding (MoU) with Korea’s GS Engineering and Construction to implement a landmark project at the AlFursan Destination.
The signing took place in Seoul under the patronage of Minister of Municipalities and Housing Majed Al Hogail and in the presence of CEO of the National Housing Company, Mohammed Al Buty.
This step highlights the strength and depth of the strategic partnership between the Kingdom of Saudi Arabia and the Republic of Korea, reflecting their shared commitment to advancing innovative urban development.
The initiative aims to deliver a unique, high-quality residential real estate project within the AlFursan Destination in Riyadh, contributing to the city’s transformation into a modern, vibrant hub in line with Saudi Arabia’s Vision 2030.
The new MoU builds on the expanding Saudi-Korean partnership, which was further solidified by the signing of an agreement in November 2024 to develop the Balady Platform and implement digital twin technologies and smart city applications. These initiatives aim to enhance urban planning capabilities and elevate the overall quality of life in the Kingdom.
Recently, National Housing Company (NHC)signed a series of agreements and memoranda of understanding with major Chinese firms as part of the plan to implement 100,000 Saudi-Chinese housing units by 2030.
According to the reports, two framework agreements were signed to deliver more than 24,000 housing units, along with strategic agreements to support the supply chain and the construction-industry ecosystem localization through NHC’s SupplyPro digital platform. These efforts aim to strengthen and develop industrial localization, secure supply chains, and reduce construction costs.
