Urbas promotes its growth in Saudi Arabia and does so with a strategic ally, since it has sealed a joint venture with the company of a member of the Saudi royal family.
Specifically, it has signed an agreement with the local construction company Arkal to create a joint venture that allows them to develop mega infrastructure projects, mainly in the area of the Vision 2030 Program, with which Saudi Arabia wants to boost its economy and attract around 400,000 million euros in investments.
This company is owned by Prince Sultan bin Abdullah bin Abdulaziz Al Saud , one of the younger sons of the previous King Abdullah and nephew of the current King, Salman bin Abdulaziz.
Through this program, the country has the goal of developing 40,000 homes by 2025 to reach the goal of 70% of homes being owned by 2030. In this context, the ‘joint venture’, in which 80 % by URBAS , work is already underway to participate in the construction project of between 1,000 and 1,500 homes in one of the developments near Riyadh.
Likewise, Urbas has announced that it is “in advanced talks” to build a mixed-use real estate complex in Riyadh with homes, a hotel, offices and commercial facilities, whose construction would also be carried out by this new ‘joint venture’.
The first meetings and conversations have also taken place to participate in some of the “most emblematic” projects of the 2030 Agenda, such as the tourist developments Qiddiya Entertainment City, NEOM, Red Sea Project or Amaala Resort, added Urbas.
At the same time, the company has reported that it is in talks to carry out real estate developments on land owned by Arkal.
“In the new cycle of expansion and internationalization in which the Urbas group is immersed, its projection in the Middle East is expanding and its competitiveness on an international scale is intensifying, obtaining important business expectations in other countries of the Persian Gulf and in other activities of the company with great projection and growth such as water, gas and renewable energies”, explains Urbas.