South Korea’s GS Engineering & Construction (GS E&C), one of the country’s leading infrastructure and real-estate development firms, has signed a memorandum of understanding with Saudi Arabia’s National Housing Company (NHC) to participate in the $16 billion Dhahiyat Al-Fursan Project — a major smart-city development under Riyadh’s Vision 2030 initiative.
The agreement was signed on October 20 in Seoul during the visit of Saudi Housing Minister Majed Al Hogail. GS E&C’s real-estate arm, GS REDC, will work with NHC to supply housing units for the project, which aims to build more than 50,000 homes and 190 public facilities on an 8,600-acre site near Riyadh.
The Al-Fursan development is designed to create a self-sustaining city integrating residential, educational, commercial, and entertainment infrastructure, forming part of Saudi Arabia’s broader effort to diversify its economy away from oil.
For GS E&C — known for its global construction projects in power, infrastructure, and smart-city sectors — the partnership marks another step in expanding its Middle East footprint. The company has previously worked with Saudi Aramco and the Public Investment Fund on large-scale industrial projects.
During the same visit, Minister Al Hogail also met with South Korean tech company Naver to discuss expanding the Baladi Digital Twin Project, a 3D urban-modeling initiative designed to support city planning in Mecca, Medina, and Jeddah.
