From the Early Foundations to the New Rules of the Market

It was still in its early stages, operating within a large and complex sector, with ambitions that were far greater than its operational readiness at the time. In my view, that is exactly what made the experience different and exceptional.

Today, NHC has become one of the most prominent real estate players in the region. In 2024, it was recognized as the largest real estate developer in the Gulf Cooperation Council, with a target exceeding six hundred thousand housing units by 2030.

For those following the Saudi real estate sector today, this achievement may appear to be the natural continuation of a clear path. But for those who were close to the early years, the picture was very different.

I was part of the founding team at NHC during a stage in which almost everything was being built from the ground up: the organizational structure, systems, operating models, relationship with developers, and even the way the real estate sector itself was being approached.

What stayed with me from that period was not one number or one specific project. It was the scale of ambition that was on the table from day one. The ambition was not merely to improve an existing sector; it was to help build an entirely new ecosystem.

The Early Years: When Ambition Exceeds Readiness

Anyone who has been involved in building an institution from scratch knows that the early years are never perfect.

There are major goals, but the systems are not yet mature. There is a clear vision, but operational capacity is still being formed. There is significant pressure to deliver, while the tools, teams, and processes are still being built day by day.

This gap between ambition and readiness is not a flaw in the early stages. It is a natural part of building any large institution.

The real difference lies in how that gap is handled.

In the experience of NHC , this gap was not treated as a permanent obstacle. It was treated as a challenge that could be solved. Step by step. System by system. Partnership by partnership. Learning curve by learning curve.

Over time, ambition began to turn from a large headline into real execution capacity.

How a Vision Becomes an Ecosystem

Real transformation does not happen through slogans.

It happens when decision-making tools are built. When evaluation models mature. When the relationship between the public and private sectors evolves from a traditional relationship into a partnership based on clear objectives and measurable outcomes. And when financing, governance, risk management, and financial planning become part of how a project is designed, not a later step after design or sales.

During those years, a different financial and operational foundation began to take shape in the real estate sector. It was not merely about launching projects; it was about building a new way of approaching real estate development.

How is a project evaluated? How is a partnership model structured? How are risks assessed? And how is trust built between the developer, the financier, and the relevant stakeholders?

In my view, this is the true value of any major transformation: not only the projects it produces, but the new rules of work it leaves behind for the market.

Off-Plan Sales: From a Marketing Promise to a System of Trust

One of the most important transformations in the Saudi real estate sector has been the significant evolution of the off-plan sales model.

In the past, off-plan sales were often viewed mainly as a mechanism to market units before completion. Today, they have become a more mature regulatory, operational, and financing model, built on clearer legislation, licensing requirements, escrow arrangements, supervisory mechanisms, and more defined obligations on developers.

This evolution has changed the nature of the relationship between the three key parties: the developer, the financier, and the end beneficiary.

Previously, the main challenge was to convince the market to purchase a unit under construction. Today, the challenge is deeper: how can a developer build a financeable project, present a credible case to financiers, and at the same time maintain the confidence of the beneficiary who is purchasing a unit that has not yet been delivered?

This is where the relationship between the developer and the financier has become part of the quality of the project itself. The financier no longer looks only at the value of the land or the expected sales volume. The focus is also on the developer’s ability to manage cash flows, meet delivery timelines, govern project accounts, and ensure that the financing linked to the unit purchased by the beneficiary operates within a clear and disciplined framework.

This transformation has raised the level of professionalism in the market. A serious developer is no longer selling a promise only. A serious developer is offering a system of trust: licensing, financing, governance, disclosure, and execution.

The Saudi Real Estate Sector After 2017 Is Not the Same

Today, real estate developers in Saudi Arabia operate within a very different ecosystem from the one that existed only a few years ago.

Financing standards have become more mature. The expectations of banks, funds, and government entities have increased. Governance, feasibility studies, and cash flow management have become more important. And the financial file of a project is no longer just a supporting attachment. It has become a core part of financing, partnership, and execution decisions.

This change matters to every real estate developer, whether large or small.

It is no longer enough for the idea to be good. It is no longer enough for the location to be attractive. It is no longer enough for projected sales to be high.

The real questions have become:

Is the project financeable? Are the numbers credible? Are the risks understood? Are the cash flows realistic? Is the relationship between the developer and the financier built on clear information and financial discipline? And can the developer maintain the confidence of the end beneficiary until delivery?

What I Carried with Me from the NHC Experience

For me, the true value of NHC ’s early years was not only that I witnessed a national transformation from the inside.

The deeper value was understanding how the institutions that shape today’s market rules think.

How are projects evaluated? What makes a financial file credible? When does a project become financeable? How is trust built between the developer and the financier? And where do projects fail, even when they look attractive on paper?

This kind of understanding is not gained by reading reports alone. It is gained by working inside the ecosystem, by seeing the gap between ambition and execution, and by dealing with reality as it is, not as we wish it to be.

One of the most important lessons I carried from that experience is that a successful real estate project does not begin with the masterplan alone, nor does it begin with sales alone. It begins with early financial and operational clarity.

A good idea needs a financeable model. A good land plot needs a careful reading of risk. Expected sales need realistic cash flows. And trust between parties is not built through slogans. It is built through governance, transparency, discipline, and execution capability.

Conclusion

The experience of NHC proved that ambition alone is not enough. But ambition becomes a powerful force when it is translated into systems, partnerships, financial discipline, and execution capability.

This is the most important lesson I see today in the Saudi real estate sector:

Those who understand how the new market rules were formed have a real advantage in operating within them.

A developer today does not only need a good project. A developer needs a financial and operational file capable of convincing financiers, reassuring partners, building beneficiary trust, and turning an opportunity into an executable project.

This is exactly where the difference appears between a beautiful idea on paper and a real project capable of succeeding.

In closing, sincere appreciation is due to H.E. the Minister of Municipalities and Housing Majed Al Hogail , to the leadership of the National Housing Company Mohammad Albuty , and to everyone who contributed to building this ecosystem from its early foundations.

What we see today was not the result of a single decision or one phase. It is the outcome of vision, continuity, institutional work, and the cumulative efforts of many people over several years