Hovnanian Enterprises Announces Strategic Partnership Between K. Hovnanian M.E. and Saudi Arabia's NHC

MATAWAN, N.J., May 15, 2025 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national homebuilder across the United States, announced the signing of a strategic Memorandum of Understanding (MOU) between its Middle East subsidiary, K. Hovnanian M.E. Investments, LLC, and Saudi Arabia's leading real estate developer NHC. The MOU was signed by Mr. Mohammad Albuty, Chief Executive Officer of NHC, and Ara K. Hovnanian, Chairman of the Board, President, and Chief Executive Officer of Hovnanian Enterprises, Inc., and 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 MOU builds on the official visit of His Excellency Majed bin Abdullah Al-Hogail, Minister of Municipal Rural Affairs and Housing, to the United States, reflecting the continued cooperation and growing investment partnerships between the two sides.

The MOU builds on the ongoing collaboration between K. Hovnanian M.E. and NHC and includes forming joint working groups and pursuing opportunities within NHC projects, all in support of Vision 2030 and the creation of vibrant, livable communities across Saudi Arabia. In line with President Trump's visit, these efforts seek to expand U.S. investment and strengthen commercial ties with Saudi Arabia.

Hovnanian, with its extensive experience in delivering over 376,000 homes in the United States over nearly 70 years, will continue to leverage this expertise through K. Hovnanian M.E. Investments, LLC, which has been active in Saudi Arabia through a joint venture with Hamad Bin Mohammed Bin Saedan Company since 2013 and delivered over 2,450 homes to Saudi homebuyers.

"Hovnanian has a strong heritage in developing quality homes and we will be exploring collaborative opportunities to enhance the lives of Saudi citizens through innovative developments that focus on improving the quality of life of all those who live in and visit our developments.", Albuty said.

"We're proud to deepen our partnership with NHC and honored to sign this agreement during such a historic visit," said Ara K. Hovnanian. "Saudi Arabia's bold transformation under Vision 2030 presents a unique opportunity to contribute our decades of homebuilding experience to one of the most ambitious housing initiatives in the world. 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., 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.

Additional information on Hovnanian Enterprises, Inc. can be accessed through the "Investor Relations" section of the Hovnanian Enterprises' website at http://www.khov.com. To be added to Hovnanian's investor e-mail list, please send an e-mail to [email protected] or sign up at http://www.khov.com.