NBCC (India) Ltd., a Navratna PSU, is actively investigating commercial prospects in the Kingdom of Saudi Arabia in order to grow its global footprint. In a recent development, an e-meeting on collaboration in housing and other infrastructure was held under the chairmanship of Joint Secretary, (HFA), Ministry of Housing and Urban Affairs. Shri Abdulrahman Altawil, Saudi Arabia’s Deputy Minister of Real Estate Development, as well as representatives from the National Housing Company (NHC) and senior NBCC officials, attended the meeting.
Saudi Arabia’s National Housing Corporation (NHC) is actively partnering with many countries to produce real estate, affordable housing, and innovative building technologies in Saudi Arabia. NBCC has expressed an interest in cooperating with Saudi Arabian enterprises to explore new commercial opportunities in the Kingdom.
According to a recent assessment by a reputable consulting firm, Saudi Arabia will need to build around 1.2 million additional homes by 2030 in order to reach a housing stock of 4.96 million units. Housing demand is predicted to rise from 99,600 houses in 2021 to 153,000 houses by 2030, with an average of 124,000 dwellings built per year over that time.
The discussion with Saudi Arabian authorities thus provided a favorable platform for a firm commitment to further collaboration and the study of joint ventures in the affordable housing and construction sectors, keeping in mind both nations’ shared aspirations.