Beijing, China – Saudi Arabian and Chinese companies and banks on Wednesday signed 12 agreements involving an investment exceeding $1.33 billion (SAR 5 billion). The agreements covered infrastructure development, financing, with five of them related to housing projects.
The agreements were signed at the Saudi-Chinese Business Forum being held in Beijing under the patronage of the Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail.
Al-Hogail emphasized the commitment of the leaders of both countries to develop the housing and municipal sectors further and expressed his aspirations for increased collaboration in urban infrastructure, housing, real estate development, and financing.
He highlighted the significant investment opportunities available in the Kingdom, with the construction of over 300,000 housing units across 17 Saudi cities, covering an area of more than 150 million square meters and valued at over $26.67 billion (SAR 100 billion). Al-Hogail invited Chinese companies to invest in real estate development in Saudi Arabia.
Al-Hogail praised the successful collaboration between the Kingdom and Chinese companies in housing projects throughout Saudi Arabia, revealing that the Ministry of Municipal, Rural Affairs, and Housing is currently working with several Chinese companies on housing projects worth $800 million (SAR 3 billion).
