MATAWAN, N.J. , (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading U.S. homebuilder, announced the signing of a strategic Memorandum of Understanding (MOU) between its Middle East subsidiary, K. Hovnanian ME Investments, LLC, a limited liability company, and National Housing Company (NHC), a leading real estate developer in the Kingdom of Saudi Arabia. The MOU was signed by Mohammad Albuty, Chief Executive Officer of NHC, and Ara K. Hovnanian, Chairman, President, and Chief Executive Officer of Hovnanian Enterprises, Inc., and was formalized at the Saudi-U.S. Investment Forum in Riyadh on May 13, 2025, during President Donald J. Trump's historic visit to the Kingdom.

The signing of the Memorandum of Understanding complements the official visit of His Excellency the Minister of Municipalities and Housing, Mr. Majed bin Abdullah Al-Hogail, to the United States of America, reflecting the continued cooperation and growing investment partnerships between the two sides.

The MoU builds on the ongoing collaboration between K. Hovnanian ME and NHC and includes the formation of joint working groups and the pursuit of opportunities within NHC projects, all in support of Vision 2030 and the creation of vibrant, livable communities across Saudi Arabia. These efforts, which coincide with President Trump's visit, seek to expand U.S. investment and strengthen commercial ties with Saudi Arabia.

The Hovnanian Group of Companies, with its extensive experience in completing more than 376,000 homes in the United States over nearly 70 years, will continue to enhance its expertise through K. Hovnanian ME Investments, LLC, which has operated in Saudi Arabia through a joint venture with Hamad Bin Mohammed Bin Saedan since 2013 and has completed more than 2,450 homes for Saudi homebuyers.

Albuty added: “The Hovnanian Group of Companies has extensive experience in building high-quality homes, and we will explore opportunities to collaborate to enhance the lives of Saudi citizens through innovative developments that focus on improving the quality of life for all those who live in and visit our projects.”

“We are proud to deepen our partnership with NHC and honored to sign this agreement during this historic visit,” said Ara K. Hovnanian. “The bold transformation underway in Saudi Arabia under Vision 2030 presents a unique opportunity to contribute decades of homebuilding expertise to one of the world’s most ambitious housing initiatives, and we look forward to building communities that reflect the Kingdom’s energy, ambition, and vision for the future.”

About Hovnanian Enterprises, Inc.

Hovnanian Enterprises, Inc., headquartered in Matawan, New Jersey, was founded in 1959 by Kevork S. Hovnanian 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 K. Hovnanian® Homes brand name. Additionally, the company's subsidiaries, as developers of the K. Hovnanian® Four Seasons communities, make the company one of the largest builders of active lifestyle communities in the country.

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