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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)
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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.

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Business

President of WPC Energy to Asharq Al-Awsat: Security of Supply Returns to the Forefront of Priorities

President of WPC Energy Pedro Miras. Turki Al-Agili
President of WPC Energy Pedro Miras. Turki Al-Agili
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President of WPC Energy to Asharq Al-Awsat: Security of Supply Returns to the Forefront of Priorities

President of WPC Energy Pedro Miras. Turki Al-Agili
President of WPC Energy Pedro Miras. Turki Al-Agili

President of WPC Energy Pedro Miras said that security of supply has returned to the forefront of priorities for the global energy sector amid escalating geopolitical disruptions. He stressed that the global energy system is now more resilient to supply shocks than it was a few years ago, even though these disturbances continue to affect prices.

Miras made his remarks to Asharq Al-Awsat on the sidelines of the 17th Ministerial Meeting of the International Energy Forum (IEF), held in the Saudi capital as part of Riyadh Energy Week, which runs from October 11 to 15.

The week is anchored by the 25ᵗʰ WPC Energy Congress and includes international ministerial meetings focused on energy security and the future of the global energy system.

Riyadh is hosting IEF 17 under the theme “Energy Security and Shared Goals in a New Era.”

The event brings together energy ministers and senior officials to discuss market stability, strengthen dialogue between producing and consuming countries, support investment, and improve the transparency of energy data at a time of growing geopolitical risks and supply-chain challenges.

Miras explained that developments over the past few years have pushed security of supply back to the top of the agenda, stressing the importance of continuing to develop the sector while maintaining a balance among what he described as the three equally important pillars of the energy system.

A general view of the venue hosting the 17th Ministerial Meeting of the International Energy Forum (IEF) in Riyadh. Asharq Al-Awsat

Addressing supply disruptions, Miras noted that the industry has faced challenges in various parts of the world, not only in the Middle East, adding that the energy sector has extensive experience in dealing with such situations.

He said that the current disruptions would likely have had a much larger impact on markets in the past. However, the global energy system is now better equipped to withstand shocks than it was just a few years ago, despite the resulting increase in prices.

Miras added that these challenges remain manageable, pointing to previous crises that had far more severe consequences, and called for maintaining confidence in the sector’s ability to overcome ongoing disruptions.

Business

Riyadh Kicks off Energy Week with Ministerial Meeting on Supply Security, Market Stability

Preparations for the International Energy Forum's Ministerial Meeting in Riyadh (Asharq Al-Awsat)
Preparations for the International Energy Forum's Ministerial Meeting in Riyadh (Asharq Al-Awsat)
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Riyadh Kicks off Energy Week with Ministerial Meeting on Supply Security, Market Stability

Preparations for the International Energy Forum's Ministerial Meeting in Riyadh (Asharq Al-Awsat)
Preparations for the International Energy Forum's Ministerial Meeting in Riyadh (Asharq Al-Awsat)

Riyadh will host the 17th ministerial meeting of the International Energy Forum on Sunday, bringing together ministers, officials and energy industry leaders to discuss supply security, market stability and closer cooperation between producing and consuming nations.

The meeting comes as rising geopolitical risks threaten oil and gas flows, underscoring the importance of resilient infrastructure and export routes.

The meeting, hosted by Saudi Arabia in cooperation with Italy and Nigeria, is being held under the theme “Energy Security and Shared Goals in a New Era.” It is part of a series of international meetings and events taking place in the Saudi capital from Oct. 11-15, bringing together government officials, corporate leaders, international organizations and experts from around the world.

Energy security has taken on growing importance amid supply disruptions and risks to maritime chokepoints, particularly the Strait of Hormuz. These challenges have raised questions about markets’ ability to absorb shocks, secure energy flows and provide alternative export routes when traditional shipping lanes are disrupted.

The week’s agenda extends beyond supply security to cover investment in the energy sector, shifts in global demand, the use of digital technologies and artificial intelligence, the development of clean energy sources, carbon management and the role of critical minerals in building future energy systems.

Clean Energy, Innovation on the Agenda

Alongside the International Energy Forum’s ministerial meeting, Riyadh will host the 17th Clean Energy Ministerial (CEM17) and the 11th Mission Innovation Ministerial (MI-11) from Oct. 11-13, bringing together ministers, officials, private-sector leaders and representatives of research and innovation institutions.

The meetings will focus on accelerating the development of clean energy technologies and scaling up their deployment, turning innovations into practical solutions to support energy system transitions. Discussions will also address ways to strengthen cooperation among governments, companies and research centers, and support technologies that improve efficiency and reduce emissions.

These issues reflect the expanding international debate over the future of energy, which now extends beyond boosting production and securing supplies to include investment in grids and new technologies, meeting growing electricity demand, and balancing energy security with affordability and sustainability.

World Petroleum Congress opens on Monday

The week’s events will continue with the official opening of the 25th World Petroleum Congress (WPC Energy) on Monday at the Riyadh International Convention and Exhibition Center, under the theme “Pathways to an Energy Future for All.” The congress and its accompanying exhibition will run through Oct. 15.

The congress will bring together energy ministers, corporate executives, experts and investors to discuss oil and gas markets, energy security and investment, artificial intelligence and digital transformation, critical minerals, carbon management, natural gas and the evolution of the global energy mix through strategic and ministerial sessions.

The program will also include workshops and technical seminars organized by the Organization of Arab Petroleum Exporting Countries (OAPEC) during the congress.

Together, the meetings and events aim to provide a platform for dialogue among governments, producers, consumers, companies and international institutions at a time when energy markets face overlapping challenges related to geopolitics, supply reliability, investment needs and rapid technological change.

Business

World Bank in Talks with Dozens of Countries about Crisis Aid, Banga Says

FILE PHOTO: Ajay Banga, President of the World Bank Group, reacts during the Clinton Global Initiative 2026 Annual Meeting in New York City, US, September 23, 2026. REUTERS/Jeenah Moon/File Photo/File Photo
FILE PHOTO: Ajay Banga, President of the World Bank Group, reacts during the Clinton Global Initiative 2026 Annual Meeting in New York City, US, September 23, 2026. REUTERS/Jeenah Moon/File Photo/File Photo
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World Bank in Talks with Dozens of Countries about Crisis Aid, Banga Says

FILE PHOTO: Ajay Banga, President of the World Bank Group, reacts during the Clinton Global Initiative 2026 Annual Meeting in New York City, US, September 23, 2026. REUTERS/Jeenah Moon/File Photo/File Photo
FILE PHOTO: Ajay Banga, President of the World Bank Group, reacts during the Clinton Global Initiative 2026 Annual Meeting in New York City, US, September 23, 2026. REUTERS/Jeenah Moon/File Photo/File Photo

The World Bank is in discussions with 30 to 40 countries about potential crisis aid to help them manage energy shocks and price increases triggered by the war in the Middle East, its president, Ajay Banga, told Reuters in an interview.

Banga said the global economy had proven fairly resilient, in part due to big AI investments and adjustments in supply and demand for oil, which meant that few countries had sought the initial $25 billion in crisis funds that the World Bank had made available when the war began in late February.

However, a sharp spike in diesel and fertilizer prices and other factors, including the looming super El Niño weather effect, were adding to challenges facing developing countries, Banga said in an interview ahead of this week's annual meetings of the International Monetary Fund and World Bank.

"There is pressure, and so I think maybe over the coming months, more countries will come for some slice of that first $50 to $60 billion," Banga said, referring to the initial $25 billion plus ‌another $35 billion that countries ‌could tap by diverting resources from already approved World Bank projects.

"We'll see, but we're ready. ‌We're ⁠engaged. We're having conversations ⁠with a number of them, you know, 30 to 40 countries are in dialogue with us," he said.

Many developing countries have been hit hard by the spike in energy prices and high interest rates that have increased borrowing costs at a time when their fiscal coffers are still depleted by measures taken during the COVID-19 pandemic and the spike in inflation following Russia's invasion of Ukraine.

World Bank estimates show that developing countries owe external creditors about $400 billion in 2026, with interest payments alone comprising one-third of the total.

Banga said more countries had shown interest in retooling existing projects than in tapping the immediate crisis window to address their liquidity needs. If the situation worsened, the Bank could ⁠make available as much as $100 billion in funds, he said, exceeding the $70 billion disbursed during ‌the pandemic.

The World Bank last month announced that it attracted a record $112 billion in ‌private capital in the year ended June versus $69 billion a year earlier, and more than triple the 2022 total before Banga, a former Mastercard ‌CEO, became president.

That was on top of the $123 billion invested from the bank's own resources for that year, for a ‌combined $235 billion, Banga said, underscoring the importance of tapping all available resources, especially at a time when Western countries have sharply cut official bilateral development aid.

"There is no one answer that fits when the world has these kinds of issues. What you need to do is figure out how to cut your coat to suit your cloth," Banga said.

Banga said he expected further gains in private capital flows in coming years, aided by expanded ‌political risk guarantees from the bank's Multilateral Investment Guarantee Agency, growth in local currency financing, and continued work on regulatory reforms that made it easier for foreign investors.

The private capital jump ⁠was biggest in projects in upper-middle-income ⁠countries like Argentina or India, which accounted for $50 billion of the private capital, and lower-middle-income countries including Bangladesh and Angola, which accounted for $37 billion. But more work was needed to boost the roughly $3 billion in private capital flowing to low-income countries.

"In the smaller countries, it hasn't multiplied enough, and there are challenges," he said, noting the bank would announce some new initiatives this week aimed at ensuring micro-, small- and medium-sized businesses also had access to private capital.

Banga said private capital growth was also regionally spread, with the largest increase seen in Latin America and the Caribbean, which accounted for $36.3 billion of last year's total, followed by Europe and Central Asia with $21.3 billion, South Asia with $19.2 billion and Africa with $22 billion.

The top 10 recipient countries were Brazil, India, Türkiye, Romania, Nigeria, Argentina, South Africa, Bangladesh, Mexico and Chile, the Bank said.

Banga said the World Bank and IMF were working together to address the high debt levels plaguing many developing countries through a series of initiatives, including efforts to boost countries' domestic revenue collections.

The Bank had already set up some debt-for-development swaps for Angola and Ivory Coast, and a portfolio-based guarantee for Argentina, and was working on over a dozen more projects.

"We've got 14 or 15 in the pipeline, helping them rotate out higher-priced old debt for newer-priced debt with our guarantees," with the difference then targeted at education, healthcare, water, or nature programs, he said.