Saudi NHC Signs MoU with Korean Firm for Landmark AlFursan in Riyadh

RIYADH, Saudi Arabia – October 22, 2025: The National Housing Company (NHC) has signed a memorandum of understanding (MoU) with Korea’s GS Engineering and Construction (GS E&C) to collaborate on a major new residential development at the AlFursan Destination in Riyadh, marking a new phase in Saudi Arabia’s growing partnership with South Korea.

The agreement was formalized in Seoul, under the patronage of His Excellency Majed Al Hogail, Minister of Municipalities and Housing, and attended by Mohammed Al Buty, CEO of NHC. The deal underscores both countries’ commitment to strengthening bilateral cooperation in housing, infrastructure, and smart city development.

Expanding Saudi-Korean Collaboration in Real Estate

The new MoU focuses on designing and delivering a sustainable, high-quality residential community that will form a key part of Riyadh’s AlFursan Destination — one of Saudi Arabia’s largest master-planned developments. The project aims to provide a modern urban lifestyle rooted in sustainability, technology, and community well-being.

The partnership builds on the strategic cooperation framework established between Saudi Arabia and South Korea in recent years, which has seen expanding collaboration across construction, digital infrastructure, and technology-driven urban development.

Al-Fursan: A Model for Modern Living in Riyadh

Located in the northeastern part of Riyadh, Al-Fursan Destination is among the flagship projects led by NHC, designed to support Saudi Vision 2030 goals of increasing home ownership, enhancing urban living, and developing smart, connected communities.

The development is envisioned as a self-contained destination offering residential, commercial, educational, and leisure spaces, supported by advanced digital and environmental infrastructure. NHC aims to make Al-Fursan a benchmark for sustainable housing and mixed-use development in the region.

Deepening Bilateral Cooperation

This agreement is the latest in a series of joint initiatives between Saudi Arabia and South Korea. In November 2024, the two nations signed a cooperation deal to develop the Balady Platform, a digital twin and smart city application designed to enhance urban planning, improve municipal services, and elevate the overall quality of life for residents.

“The signing of this new MoU reflects the depth of the relationship between the Kingdom of Saudi Arabia and the Republic of Korea,” stated NHC in a press release. “It highlights the shared commitment to leveraging innovation and technology to deliver transformative urban projects.”

The collaboration between NHC and GS E&C is expected to bring global expertise in construction, sustainability, and digital infrastructure, contributing to Saudi Arabia’s broader mission of creating smart, livable, and future-ready cities.

Driving Vision 2030’s Urban Ambitions

By partnering with an international leader like GS Engineering and Construction, NHC continues to reinforce its role as a catalyst for housing innovation and public-private collaboration in Saudi Arabia’s real estate sector. The project aligns with Vision 2030’s emphasis on diversifying the economy and developing new growth engines through housing, technology, and infrastructure.