Saudi Arabia's National Housing Company (NHC) has signed a memorandum of understanding (MoU) with K Hovnanian ME, a subsidiary of a leading national homebuilder across the US, to develop several residential and commercial projects within its urban destinations. 

 

The MoU was signed on the sidelines of the Saudi-US Investment Forum held in Riyadh last week.

 

The MoU was signed by NHC CEO Mohammed bin Saleh Albuty and Tyler Lewis from K Hovnanian ME. It builds on the official visit to the US by Minister of Municipalities and Housing Majed Al-Hogail, reflecting the ongoing cooperation and development of investment partnerships between the two sides, said a Saudi Press Agency report.

 

The MoU aims to enhance collaboration between the two parties, attract investment, and develop residential and commercial projects to international standards within NHC destinations.

 

It contributes to the Housing Program, part of Saudi Vision 2030, by providing integrated housing solutions that improve quality of life. K Hovnanian is one of the largest real estate development companies in the US, with expertise in building residential communities.