Skip to content Skip to Search
Skip navigation

National Housing Company announces record revenue

Architecture, Building, Condo NHC
A rendering of the Al-Worood complex, a 1.5 million square metre housing project in Al Hofuf city in the Eastern Province

The Saudi government-backed National Housing Company (NHC) achieved record revenues of SAR26 billion ($6.93 billion) in 2024 and hopes to double that figure for 2025. 

The company’s total revenues for 2024 was higher than the combined revenues it made in 2023 and 2022.

It added 600,000 jobs to the Saudi economy last year and plans to add an additional 150,000 this year.

The Saudi real estate sector has grown at a rapid pace in recent years. Further growth is expected beyond 2025 due to a growing population, including expatriates, and government targets to increase the proportion of Saudis who own homes to 70 percent. That figure currently stands at around 64 percent.

NHC was launched in 2016 as the investment arm of the Saudi Housing Ministry. Last year marked “a very big shift, even a change in the identity of the company”, said CEO Mohammad Albuty in an interview with Al Arabiya on Wednesday.

The company aims to build 600,000 new homes by 2030.

NHC has launched Al-Worood, a 1.5 million square metre housing project in the city of Al Hofuf in the Eastern Province, Albuty said.

The project will include 3,247 units, five mosques, four educational centres, and seven commercial buildings, according to the NHC’s website.