News / 05 Mar 2024Talaat Moustafa Group and Al Muhaidib Group launch strategic partnership
The strategic partnership will commence with the “Banan City” project in Riyadh, while various smart and sustainable urban projects will be developed in Saudi Arabia.
The agreement was signed by Mr Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Holding Group, and Mr Essam Abdulkadir Al Muhaidib, CEO of Al Muhaidib Group, in the presence of Mr Sulaiman Abdulkadir Al Muhaidib, Chairman of Al Muhaidib Group.
On this occasion, Mr Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Holding Group, said: “We are pleased for the group’s new imprint in Saudi Arabia, which reflects our vision and promote endeavour to develop more sustainable smart cities with a modern style, based on our expertise extending over more than fifty years.”
He added: “We are excited to partner with Al Muhaidib Group in developing upcoming urban projects, through which we seek to raise the quality of living and create vibrant communities.”
Meanwhile, Mr Sulaiman Abdulkadir Al Muhaidib, the Chairman of Al Muhaidib Group, said: “We are very optimistic about this strategic partnership with Talaat Moustafa Group, through which we aim to achieve sustainable development in developing smart cities and their infrastructure, and to enhance the group’s role in enhancing the real estate development and construction sectors, and supporting the Kingdom’s national economy.”
He added: “We are looking forward to the “Banan City” to be an integrated urban icon in Riyadh, within a developed, innovative and environmentally friendly environment, that improves the quality of life for its residents, both citizens and residents, and reflects the best luxurious and safety standards, and for the new city to be an honorable model for real estate development and revolution in line with the Kingdom’s Vision 2030.”
Notably, Al Muhaidib Group is an investment powerhouse in Saudi Arabia. Its headquarters is in Dammam. It was founded by Sheikh Abdulkadir Al Muhaidib in 1943. Its business operations include real estate, banking services, food and consumer products, industry, infrastructure, building materials and contracting. Some of the group’s companies are Mayar Foods, Thabat Construction, Masdar Building Materials, Savola Group, Abyat, Vision Invest, ACWA Power and Riyadh Cables Group.
Per the partnership, the first project, “New Banan City,” will be developed on an area of 10 million square meters, of which 40% will be green open spaces. It will be a multi-use project and include 27,000 residential units, including different sizes and designs of villas and apartments, integrated health, educational, and commercial services, a sports club, and public service areas.
Several international consulting offices were also assigned to develop an integrated plan for the project that considers enhancements in architectural designs to keep pace with current and future urban developments.