In a move reflecting the continued momentum of development projects in Saudi Arabia, the Multi-Business Group announced the National Housing Company , the investment arm of the Ministry of Municipal and Rural Affairs and Housing. This collaboration supports efforts to develop the real estate and housing sector in the Kingdom, in line with the objectives of Saudi Vision 2030.
In an official statement published on the Saudi Stock Exchange (Tadawul) website, the company clarified that the project's value exceeds 5% of its total projected revenue for the fiscal year 2024, underscoring the strategic and financial importance of this contract. The scope of work includes the design and execution of the foundation and complete finishing works for the Al-Aziziyah sales center, one of the residential projects being developed by the National Housing Company. The company's responsibilities encompass construction work, meticulous architectural finishing, and mechanical and electrical engineering (MEP) work to ensure the delivery of a fully integrated and modern center that reflects the high quality of the residential project.
General context and importance of the project
This project is part of a broader plan adopted by the National Housing Company to develop integrated residential suburbs and communities across the Kingdom. These projects aim to increase the supply of high-quality housing units and raise the rate of homeownership among citizens to 70% by 2030, a key objective of the Kingdom's Vision 2030 housing program. Sales centers serve as the primary interface for these large-scale projects, playing a vital role in showcasing housing units to beneficiaries and attracting potential buyers. Therefore, the quality of their execution is essential to the overall success of the project's marketing.
Economic and future impact
Domestically, this project is expected to revitalize the construction supply chain by creating direct and indirect employment opportunities and increasing demand for local materials and contractors. For Multi-Business, winning this contract reinforces its track record and market position as a trusted partner in executing major projects, and significantly supports its financial growth. This collaboration between the private and public sectors exemplifies successful partnerships that drive economic development in the Kingdom and strengthens confidence in the local investment environment and its ability to deliver on the ambitious goals of Vision 2030.
