And I'd like to welcome Mohammad Abudi, who is the CEO of the National Housing Company NHC.
Mohammed, a delight to join us today.
We really appreciate it.
Thank you very much.
It's my pleasure to be with you today.
Well, I'd love to start out, you know.
I know NHC is the largest developer of real estate here in Saudi Arabia, but maybe you can give us some of the background, the rapid growth, and how NHC is really aligning with the vision of 2030 goals of Saudi Arabia.
Thank you.
Uh, NHC, uh, has been established as one of the Saudi vision, uh, initiatives through housing program back in 2017 or, uh, mid of 2017.
And uh we, we are proud that we are not just a real estate developer, but we are a key driver of Saudivision 2030 through housing program and to achieve one of the most ambitious targets of uh uh Saudi vision, which is increase the home ownership percentage to 70%.
At that time, the homeownership percentage was 47%.
Uh, by the end of 24, which is a year ahead of 25, we achieved 65.
Wow, congratulations.
Thank you very much, which is, uh, a year ahead of the 25 target, uh, and where NHC has played a major role and contributes on that target.
So at that time, the government has allocated to NHC, uh, a large land bank, and NHC has established at that time with the operating model to uh build its capabilities in its own and to be partnered with local and international developers.
Uh, we, we, uh, act as a master developer.
We develop and livable communities.
We're trying to raise the standards of living for communities, not just to build homes or to develop lands where back then most of the development in Saudiabab was just developing lands.
Now we have a new idea of a new concept of master planning the infrastructure.
Sell a unit, not a land.
Through a private sector developer and NHC itself.
We are active in 17 cities in the 1717 cities.
We have more than 25 destinations.
We, we have a target to supply 300,000 units by end of this year.
We are almost there.
The 20,000 units only remaining to achieve the first target, which will, we just supply it over to the market in the next 2 to 3 weeks.
So the first milestone as a company to supply is achievable.
We sold up to date more than 137,000 units.
Uh, our current portfolio for the, uh, uh, residential, residential investments, it's about 250 billion Saudi riyals, which is I think more than $50 billion somehow by 2030 we will achieve half a trillion Saudi riyal, which is around maybe $170 billion US dollars.
So a lot of, it's a rapid development, uh, and, uh, operating model that works perfectly currently with, uh, our, our, uh, partners, uh, master planners, engineers, uh, consultant, contractors, developers, the whole value chain.
This is the main, uh, uh, uh, part of what we are doing as a, as a developer.
We live in 25, almost more than more than 62% of all off land sales in the kingdom.
Currently we are the largest in the kingdom as a real estate developer.
Most of our sales or or cash out from salable proceeds were make this made our, our operation based on sales and map thing and how to sell those projects, fund our what we are doing.
And which our, our, uh, says exceeded now, uh, 100 billion Saudi riyals which, which, uh, uh, makes us be able to fund the the cash for, for construction.
With minimum usage of finance and debt.
This is the major role of what we are doing.
On the other hand, we have a technical arm.
Where in the real estate sector, with the whole value chain, with the advanced now technology, there is a huge need how to link the digital technologies to the whole value chain operation.
And the use of special AI.
Start from uh master planning.
Using the technical, uh, the building technologies, how to supporting, uh, uh, operation, and facility management, and most important is how to support in the, uh, uh, marketing and say it to the right segment, you know, there's a huge now use of data how to to reach to the clients, know their needs, their, their, uh, preferences, how to reach them.
How to understand them digitally and through their data that we have.
This support us a lot in in selling our products.
We invest a lot.
We have a partnership as well in the digital with the local and international.
We signed an agreement and established a company with one Korean company called Nav, which is one of the largest technical companies in South Korea.
We will invest in some technology, technology in smart cities as well as in the data centers, so this is in a nutshell.
There is a lot to do in the future.
Well, incredible progress when you talk about everything from the development to the whole supply chain, the ecosystem, the technology.
Uh, I have to toss back to the New York Stock Exchange, uh, back to our host Remy, but I'd love to have you back again and continue these conversations because I think this is so enlightening to the global audience.
