State-owned NBCC on Thursday said it is exploring business opportunities in Saudi Arabia as part of its expansion plan.

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"In a bid to expand its footprints in the global arena, NBCC (India) Ltd, a Navratna PSU, is actively exploring business opportunities in Kingdom of Saudi Arabia," the company said in a statement.

In a recent development, an e-meeting was held under the chairmanship of Joint Secretary, (HFA), Ministry of Housing and Urban Affairs on cooperation in Housing and other infrastructure.

The meeting was attended by Abdulrahman Altawil, Deputy Minister, Real Estate Development, Saudi Arabia, representatives from the National Housing Company (NHC), Saudi Arabia and senior NBCC officials.

NHC, Saudi Arabia is actively collaborating with various countries to develop real estate, affordable housing, and innovative building technology in Saudi Arabia. NBCC has expressed interest in collaborating with Saudi Arabian companies for new business opportunities in Saudi Arabia.

As per a recent report by a reputed consultancy firm, Saudi Arabia will need to create approximately 1.2 million new homes to reach a housing stock of 4.96 million houses by 2030.

Housing demand is expected to increase from 99,600 units in 2021 to 1,53,000 houses by 2030 with an average of 1,24,000 units over the period.

"The meeting with representatives of Saudi Arabia thus presented a good platform for a strong commitment for further collaboration and exploration of joint ventures in the affordable housing and construction sectors, keeping in mind the shared goals of both nations," the statement said.

NBCC is into project management consultancy and real estate development.

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