Riyadh – Mubasher: Saudi Arabia’s National Housing Company (NHC), in collaboration with Talaat Moustafa Group Holding Company (TMG Holding), has laid the foundations for the Banan City project in Riyadh with SAR 40 billion (approximately $12 billion) in expected revenues.

Banan City is set to be situated on 10 million square meters and accommodate 120,000 residents, according to a press release.

The city will offer a mix of services including healthcare, education, commerce, and sports clubs.

Located near key hubs like King Khalid International Airport, Banan City will comprise over 27,000 residential units, 40% green spaces, and essential services for community convenience and safety.

Hisham Talaat Moustafa, Chairman of TMG Holding, revealed that the project has total investments of about SAR 31.40 billion.

Sales in Banan City are set to commence on 15 May 2024.

In March 2024, TMG completed procedures for the acquisition of a 51% stake in the management rights of Legacy Hospitality and Touristic Projects, which owns seven historic hotels in Egypt.

TMG Holding reported a 44% year-on-year (YoY) surge in consolidated net profits after taxes and non-controlling interests to EGP 3.31 billion in 2023 from EGP 2.30 billion.