Saudi Arabia, China sign 5 housing agreements

Saudi Arabia and China signed 12 cooperation agreements in the presence of Majid Al-Hogail, Minister of Municipal and Rural Affairs and Housing.

Some agreements were signed for the development of infrastructure and financing, including five for housing at a total value of more than SAR 5 billion, the state-run SPA reported.

Saudi Arabia is witnessing unprecedented growth in investment opportunities. It also provides an attractive environment for investments. The Kingdom embarked on building over 300,000 housing units on a total area of more than 150 million square meters, including integrated residential suburbs across 17 cities. The total value of these units will exceed SAR 100 billion, Al-Hogail said, calling on all Chinese firms to invest in real estate development in the Kingdom.

The minister also praised the Kingdom’s partnership with Chinese firms in various residential projects, adding that the Ministry of Municipal and Rural Affairs and Housing is cooperating with Chinese companies to build housing units at almost SAR 3 billion, which will be doubled in the near future.

Al-Hogail’s four-day visit to Beijing included meetings with many leaderships of banks and specialized Chinese firms to explore investment opportunities in the Saudi municipal and housing sectors.