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Saudi Arabia’s NHC explores floating subsidiaries

Speaking at the Real Estate Future Forum in Riyadh, NHC CEO Mohammad Albuty said NHC is on track to meet its 2025 house-building target within months SPA
Speaking at the Real Estate Future Forum in Riyadh, NHC CEO Mohammad Albuty said NHC is on track to meet its 2025 house-building target within months
  • NHC Innovation launched this week
  • Customer base of 20m
  • 167,000 houses being built

Saudi Arabia’s National Housing Company (NHC) is exploring the possibility of launching initial public offerings (IPOs) for many of its subsidiaries.

They include NHC Innovation, the company’s digital arm that was launched this week.

NHC said it was meant to improve services for a customer base that has grown to 20 million across 10 different online platforms, according to CEO Mohammad Albuty, who spoke to Al Arabiya on Monday.

The state-owned company has grown exponentially in line with demand for housing in the kingdom and official initiatives to increase the proportion of home-owning Saudis to 70 percent. That figure currently stands at around 64 percent.

Last year NHC, which was launched in 2016 as the investment arm of the Saudi Housing Ministry, recorded record revenues of SAR26 billion ($6.93 billion), more than the combined revenue for 2023 and 2022. It hopes to double that figure again in 2025.

According to the NHC website, the company has delivered almost 53,000 units since it was launched in 2016 and has 167,000 more under construction.

The company has said it plans to contribute 300,000 units to the national housing supply by 2025 and 600,000 units by 2030.

Speaking at the Real Estate Future Forum in Riyadh on Monday, Albuty said that NHC is on track to meet its 2025 target within months.

Also at the forum, NHC announced that it signed a series of deals and non-binding agreements and memoranda of understanding worth SAR30 billion. 

The deals were signed with a number of Saudi governmental bodies and companies from the kingdom and abroad.