Riyadh, Saudi Arabia – A new residential community, Noor Khazam, has been launched in northern Riyadh, marking a significant investment in the city’s growing real estate sector. The project, valued at over 3.3 billion Saudi Riyals (approximately $880 million USD as of February 14, 2026), is a collaboration between Hassan Allam Holding Company, Tala Development Company, and the National Housing Company (NHC).
The development aims to address the increasing demand for modern housing options in the Saudi capital. Noor Khazam will feature more than 3,018 residential units alongside a range of recreational and service facilities, spread across an area exceeding 228,000 square meters. This substantial investment underscores the Kingdom’s commitment to expanding housing opportunities for its citizens and residents.
The project will be developed by Grova for Development, the development arm of Hassan Allam Holding Company, according to a company statement. This signifies Hassan Allam Holding’s continued expansion into the real estate market, building upon its established expertise in infrastructure and construction.
Hassan Allam Holding Company, founded in 1975 by Hassan Allam, has a long history of undertaking major projects in Egypt and increasingly, in the wider region. Initially focused on building factories, power stations, buildings, and water treatment plants, the company expanded into real estate and cement production in the early 1990s. The company’s involvement in Noor Khazam represents a strategic move to capitalize on the growing opportunities within the Saudi Arabian housing market.
The launch of Noor Khazam aligns with Saudi Arabia’s Vision 2030, a strategic framework aimed at diversifying the Kingdom’s economy and improving the quality of life for its citizens. Increased housing availability is a key component of this vision, and projects like Noor Khazam are expected to play a crucial role in achieving these goals.
The partnership with the National Housing Company (NHC) is particularly noteworthy, as the NHC is a key driver of housing initiatives within the Kingdom. The NHC’s involvement ensures alignment with national housing policies and facilitates access to financing and support for potential homeowners.
Details regarding the types of residential units available, pricing, and timelines for completion have not yet been fully released. However, the scale of the investment and the involvement of prominent developers suggest a high-quality, comprehensive community is planned.
The development of Noor Khazam is expected to create numerous employment opportunities during both the construction and operational phases. The project will also stimulate economic activity in the surrounding area, benefiting local businesses and communities.
Looking ahead, the completion of Noor Khazam will add a significant number of housing units to Riyadh’s inventory, potentially easing pressure on the city’s housing market. The success of this project could pave the way for further collaborations between private developers and government entities to address the Kingdom’s growing housing needs. Further updates on the project’s progress, including specific timelines and unit details, are anticipated in the coming months.
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