Saudi National Housing Company... From an 'Executive Arm' to the Largest Real Estate Developer in the Region

 NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)
NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)
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Saudi National Housing Company... From an 'Executive Arm' to the Largest Real Estate Developer in the Region

 NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)
NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)

Saudi Arabia’s National Housing Company (NHC) has emerged as a central force in reshaping the Kingdom’s housing market, evolving from a state-backed developer into a key engine of Crown Prince Mohammed bin Salman’s economic reform agenda under Vision 2030.

Far from being a conventional real estate company, NHC today manages residential suburbs and assets accounting for around 20 percent of total real estate product sales in Saudi Arabia, underscoring its growing influence in one of the region’s largest property markets.

Since its launch in 2016, the company has positioned itself at the center of the Kingdom’s housing transformation, helping drive the Housing Program, one of Vision 2030’s flagship initiatives aimed at raising Saudi homeownership to 70 percent by the end of the decade.

NHC Chief Executive Mohammed Albuty said the company had played a pivotal role in restructuring the sector to ensure long-term sustainability beyond direct state financing. He pointed to the 2025 Vision 2030 annual report, which showed Saudi homeownership rising to 66.24 percent, surpassing the government’s interim target of 65 percent for 2025.

NHC was established by royal decree in 2016 as the investment and development arm of what is now the Ministry of Municipalities and Housing. Its creation marked the beginning of a new “national developer” model designed to manage housing assets and projects with greater efficiency and flexibility.

A major turning point came in 2020, when another royal order transferred the company’s ownership to the state, elevating it from a supporting entity to a market leader. The move enabled NHC to launch some of the region’s largest residential suburbs, shifting from managing limited housing complexes to developing integrated cities covering more than 160 million square meters.

The company has also sought to curb construction costs through its digital procurement platform, Supply Pro, which links developers directly with manufacturers and suppliers. The platform currently offers more than 1,500 products from 129 factories and 45 suppliers, helping reduce development costs by around 20 percent.

Speaking at the Real Estate Supply Chain Forum, Albuty said NHC had boosted local content in its projects through supply chain localization agreements and industrial partnerships worth more than SAR 21 billion ($5.6 billion). The deals included SAR 8 billion in supply chain service agreements, SAR 5 billion in industrial localization initiatives and 15 supply contracts worth more than SAR 8 billion.

Maan Alothimeen, NHC’s general manager for supply chains and business support, said Supply Pro had handled transactions exceeding SAR 2 billion over the past two years, with Saudi factories and small- and medium-sized enterprises accounting for 95 percent of the activity.

NHC has also become a platform for local developers, helping transform smaller firms into major players capable of managing billion-riyal projects. By offering investment opportunities in residential and commercial real estate, as well as in the operation of health, education and leisure facilities, the company has encouraged broader private-sector participation.

The strategy has contributed to the delivery of more than 300,000 housing units. The financial stability provided by NHC has also enabled emerging Saudi developers to grow into large companies managing projects valued at more than SAR 263 billion ($70 billion), strengthening the competitiveness of the Saudi property market.

As part of efforts to deepen local industrial participation, NHC signed a memorandum of understanding with the Local Content and Government Procurement Authority to turn its suburban developments into permanent showcases for Saudi-made products, a move expected to generate thousands of jobs in manufacturing and logistics.

Saudi Minister of Municipalities and Housing Majed Al-Hogail said mortgage financing had become a cornerstone of the Kingdom’s real estate expansion. He noted that the value of Saudi mortgage financing had surged from around SAR 200 billion ($53.3 billion) to more than SAR 900 billion ($240 billion) by the end of 2025, representing 27 percent of total Saudi banking portfolios.

Al-Hogail added that the Saudi Real Estate Refinance Co. (SRC) had issued sukuk in the London market to strengthen liquidity links between domestic and international financial markets and secure sustainable funding flows for the housing sector.

In remarks to Asharq Al-Awsat, Khaled Al-Mobid, chief executive of Menassat Real Estate Co., said NHC had become a key implementation arm of Saudi housing policy by increasing the supply of planned residential units, helping stabilize prices in the market.

He noted that the company’s most significant shift had been its evolution from a traditional developer into an “enabler” for private firms. Through the provision of serviced land and infrastructure, NHC allowed smaller developers to participate in large-scale projects and gain operational expertise, contributing to a more mature and professional real estate industry.

Al-Mobid added that NHC’s role extended beyond construction to balancing the housing market itself. By increasing organized housing supply and lowering development costs through economies of scale, the company was helping ease pressure on citizens and improve affordability.

He also said NHC’s partnership-driven model reduced reliance on direct government spending while encouraging private capital inflows and spreading investment risk, supporting the creation of a more financially sustainable housing sector.

As Saudi Arabia moves closer to achieving its Vision 2030 housing targets, NHC’s significance now goes beyond building homes. The company has become a model for a more diversified real estate economy led by private-sector investment and local industry, positioning housing as a driver of broader economic stability and growth.



Saudi Industrial Production Falls 23.5% in August

A factory operated by Saudi Arabia’s East Pipes Integrated Company for Industry. (Company photo)
A factory operated by Saudi Arabia’s East Pipes Integrated Company for Industry. (Company photo)
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Saudi Industrial Production Falls 23.5% in August

A factory operated by Saudi Arabia’s East Pipes Integrated Company for Industry. (Company photo)
A factory operated by Saudi Arabia’s East Pipes Integrated Company for Industry. (Company photo)

Saudi Arabia’s industrial production index fell 23.5% in August 2026 from a year earlier, weighed down by declines in mining and quarrying and manufacturing activity, data from the General Authority for Statistics showed on Sunday.

On a monthly basis, the index dropped 14% from July, amid declines in both main activities.

The data showed that the oil activities index fell 33.6% year on year, while the non-oil activities index rose 1.2%, reflecting divergent performances between the two sectors during the month.

By economic activity, the mining and quarrying index declined 35.8% year on year and 24% from July. The manufacturing index fell 8.8% annually and 3.2% month on month.

The decline in manufacturing was driven by a 24.1% year-on-year drop in the manufacture of coke and refined petroleum products, and a 3.3% decrease in the manufacture of chemicals and chemical products.

Some industrial activities, however, recorded annual growth. The index for electricity, gas, steam and air conditioning supply rose 9.4%, while the index for water supply, sewerage, waste management and remediation activities increased 7.4%.

On a monthly basis, the non-oil activities index rose 1.4%, while the oil activities index fell 21.5%, according to the authority’s preliminary data.

 


Iraqi Central Bank Says Traders Will Not Bear the Difference Under New Dollar Exchange Rate

Employees walk outside the Central Bank of Iraq headquarters in Baghdad (Reuters)
Employees walk outside the Central Bank of Iraq headquarters in Baghdad (Reuters)
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Iraqi Central Bank Says Traders Will Not Bear the Difference Under New Dollar Exchange Rate

Employees walk outside the Central Bank of Iraq headquarters in Baghdad (Reuters)
Employees walk outside the Central Bank of Iraq headquarters in Baghdad (Reuters)

The Central Bank of Iraq announced on Saturday that traders will not be charged the difference under the new dollar exchange rate for transfers whose purchases and funding were confirmed at the previous rate before the seventh of this month.

Iraqi markets have experienced disruption following the central bank’s unexpected decision to raise the dollar exchange rate in the draft federal budget for fiscal year 2027 from 1,320 dinars to 1,520 dinars per dollar.

In a statement issued on Saturday regarding traders’ transfers awaiting execution, the Central Bank of Iraq said it was monitoring banking transactions carried out before and after the exchange rate adjustment and verifying that banks comply with the applicable instructions and regulations, in order to protect the rights of traders and customers.

The central bank urged companies and traders whose transfers to finance imports were due for execution before the seventh of this month to contact their banks and confirm that the transfers had been processed. It noted that it had previously strengthened banks’ accounts to cover these transfers, monitor any delays, and ensure that traders were not charged exchange rate differences on transfers confirmed as purchased and funded at the previous rate.

The bank stressed that “if execution is delayed or additional amounts are demanded, a complaint can be submitted through the Central Bank of Iraq’s complaints platform for follow-up with the bank concerned.” It added that it was coordinating with banks and electronic payment companies to introduce special foreign trade cards for small-scale traders to facilitate import financing, in accordance with the mechanisms and regulations set by the central bank.

The exchange rate adjustment has pushed the dollar’s price in Iraq’s parallel market to 1,665 dinars and led to a sharp increase in the prices of essential goods and electrical appliances.


Thailand Prepares to Host IMF-World Bank Meetings

The conference logo of the IMF-World Bank Group Annual Meetings 2026 is displayed on a wall backdrop inside a meeting room at the Queen Sirikit National Convention Center in Bangkok on October 9, 2026. (Photo by Chanakarn LAOSARAKHAM / AFP)
The conference logo of the IMF-World Bank Group Annual Meetings 2026 is displayed on a wall backdrop inside a meeting room at the Queen Sirikit National Convention Center in Bangkok on October 9, 2026. (Photo by Chanakarn LAOSARAKHAM / AFP)
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Thailand Prepares to Host IMF-World Bank Meetings

The conference logo of the IMF-World Bank Group Annual Meetings 2026 is displayed on a wall backdrop inside a meeting room at the Queen Sirikit National Convention Center in Bangkok on October 9, 2026. (Photo by Chanakarn LAOSARAKHAM / AFP)
The conference logo of the IMF-World Bank Group Annual Meetings 2026 is displayed on a wall backdrop inside a meeting room at the Queen Sirikit National Convention Center in Bangkok on October 9, 2026. (Photo by Chanakarn LAOSARAKHAM / AFP)

Thailand is preparing to host the IMF–World Bank Annual Meetings in Bangkok from October 12–18, bringing together more than 15,000 participants from 191 countries, including central bank governors, economic policymakers and business leaders, for discussions on the world economy.

To ease traffic, Bangkok government offices will work from home on October 12, 14 and 15, while October 13 is an existing public holiday and October 16 has been declared a special government and ⁠bank holiday, with ⁠private companies and state enterprises asked to consider suitable arrangements.

Security has been tightened at the meeting venue in central Bangkok and 21 official hotels, according to the authorities.

About 500 Tourist Police officers will also help secure the ⁠venue, delegate hotels and tourist attractions through undercover deployments, patrols, drones and motorcade escorts coordinated with around 39 embassies, Tourist Police Bureau Commissioner Phongsiam Meekhanthong said.

Visiting leaders include Swiss President Guy Parmelin, making the first official visit to Thailand by a Swiss president in 22 years, and Singapore President Tharman Shanmugaratnam, the Thai Foreign Ministry said.

Participants’ spending could generate 1.05–2.25 billion baht for ⁠the ⁠Thai economy, according to the Thai Finance Ministry.

More than 320 electric vehicles will serve participants to cut carbon emissions, Reuters quoted the Thai Finance Ministry as saying.

Heavy to very heavy rain is forecast for Bangkok and surrounding provinces on October 10-11, potentially causing localized flooding, the Bangkok Metropolitan Administration warned.

This comes after parts of the city flooded two weeks ago following 320 mm of rain over three days.