K. Hovnanian to Enhance Saudi Arabia Housing Sector

On Aug 29, 2024

Matawan-based Hovnanian Enterprises, Inc., a leading national homebuilder across the United States, announced the signing of a Memorandum of Understanding (MOU) between its subsidiary, K. Hovnanian M.E. Investments, LLC, and the Ministry of Municipalities and Housing of the Kingdom of Saudi Arabia.

The MOU, focused on fostering cooperation and strategic partnership in the real estate finance sector, was signed by Mr. Abdul Rahman bin Abdullah Al-Tawil, Deputy Minister for Residential Supply Stimulus & Real Estate Development, and Ara K. Hovnanian, Chairman of the Board, President, and Chief Executive Officer of Hovnanian Enterprises, Inc.

Hovnanian, with its extensive experience in delivering over 369,000 homes in the United States, will leverage this expertise through K. Hovnanian M.E. Investments, LLC to enhance the housing sector in Saudi Arabia.

This collaboration will bring global expertise, innovative homebuilding designs, and advanced construction technologies to Saudi Arabia, enhancing the development of integrated communities. The partnership will also focus on conducting joint workshops and preparing executive studies to expedite housing projects with greater efficiency and effectiveness, directly supporting Saudi Arabia’s Vision 2030 and its objective to create vibrant neighborhoods and attract further investment in the housing sector.

“We are thrilled about the future of the Kingdom of Saudi Arabia and honored to contribute to Vision 2030 and its critical housing initiatives. This partnership enables us to bring our decades of experience in residential development to a dynamic and growing market, where we can help shape innovative communities that truly enhance the quality of life for their residents,” said Ara K. Hovnanian.

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia.

The company’s homes are marketed and sold under the trade name K. Hovnanian® Homes. Additionally, the Company’s subsidiaries, as developers of K. Hovnanian’s® Four Seasons communities, make the Company one of the nation’s largest builders of active lifestyle communities.

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