Urbas has signed a strategic agreement with the Government of Saudi Arabia to develop action packages of between 500 and 1,500 homes within the framework of the “Vision 2030” government program, as indicated to the National Securities Market Commission (CNMV).
Specifically, the company has reached an agreement with the Ministry of Housing of Saudi Arabia (Monrah) and the Ministry of Investments (MISA) to participate in the real estate projects included in the aforementioned program, which plans to develop 75,000 additional homes by 2030. and reach the goal of 70% ownership of homes.
After this real estate agreement, Urbas has reiterated his strategy of remaining in Saudi Arabia in the long term. In this business, the group, through its subsidiary Urbas Middle East set up for the development of its activities in the Persian Gulf, is working to be awarded a project of between 1,000 and 1,500 homes in one of the developments in Riyadh.
Alliance with the construction company Arkal for megaprojects
This project will be built with the capabilities of the joint venture developed last August with the Saudi construction company Arkal, belonging to Prince Sultan bin Abdullah bin Abdulaziz Al Saud.
The purpose of this alliance is to participate in infrastructure megaprojects (also within the framework of the “Vision 2030” program such as the Qiddiya Entertainment City, NEOM, Red Sea Project or Roshn developments).
With all this, Urbas is expanding its role in the Middle East, which together with Latin America and Africa are strategic regions for the company.
In addition, the group has pointed out that it is obtaining important business prospects in other countries of the Persian Gulf and in other company activities such as infrastructures related to water, gas and renewable energy.
In the International area, Urbas has about 30% of the works underway, taking place outside of Spain (Portugal, Panama, Colombia, Bolivia, Algeria and the United Arab Emirates), and some unique projects such as the tourist and residential development of Cienfuegos in Cuba, the commercial and office complex in Dubai, the Cochabamba Train in Bolivia, or the German embassy in Algiers.