News DeskRiyadh, KSA – The National Housing Company (NHC), in a landmark collaboration with Talaat Mostafa Group – Saudi Arabia, has laid the foundation stone for the much-anticipated Banan City in northeast Riyadh. This groundbreaking ceremony, held on May 11, 2024, was attended by Ihab bin Ghazi Al Hashani, Deputy Minister of Municipal Rural Affairs and Housing, and other prominent figures.
Banan City: A Visionary Smart City Project Banan City is set to revolutionize urban living with its sprawling 10 million square meter smart city. Designed to accommodate over 120,000 residents, the city promises a high-quality life in a gated community, brimming with state-of-the-art technologies and sustainability features. The mixed-use development will offer healthcare, education, commerce, and sports facilities, all integrated with smart home solutions and advanced management technologies.
Financial Prospects and Developmental Goals The project’s financial outlook is robust, with expected revenues reaching SAR 40 billion (USD 12 billion) and a total investment of SAR 31.4 billion. Mr. Hisham Talaat Moustafa, Chairman of Talaat Mostafa Group—Saudi Arabia, drew parallels with Egypt’s successful ‘Madinaty’ project, indicating a global scale ambition for Banan City.
Strategic Location and Sustainable Design Banan City’s strategic position near King Khalid International Airport and Riyadh Expo 2030 positions it as a key player in Riyadh’s expansion. The city will feature over 27,000 residential units, with a commitment to competitive pricing and diverse housing options. Emphasizing sustainability, the design includes 40% green spaces and prioritizes residential privacy, with public services conveniently located along the city’s periphery.
Sales Commencement and Future Outlook Prospective buyers can look forward to the sales launch on Wednesday, May 15, 2024. Banan City stands as a testament to Saudi Arabia’s Vision 2030, offering a dynamic, integrated community experience that is poised to set a new benchmark for smart living.
