Beijing, China — Saudi Arabia’s Minister of Municipal, Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, has held a meeting with key leaders from Chinese housing infrastructure companies, which are aimed at fostering collaboration in infrastructure, urban development, housing, real estate development, and financing.
The Kingdom’s ambassador to China, Abdulrahman bin Ahmed Al-Harbi, attended the meeting. During his meeting with SITEC Group and SITEC Construction, Al-Hogail deliberated over plans to establish and construct an industrial complex in accordance with the highest pre-casting technology standards.
This complex will encompass finishing materials and an operational model for industrial zones, thus augmenting production capacity and enabling the delivery of 5,000 units annually.
The Minister explored cooperative avenues in eco-friendly and sustainable housing technology. He commended the endeavors of the SITEC company in introducing and integrating advanced technologies to advance construction within the Kingdom.
Furthermore, Al-Hogail delved into the latest advancements concerning the cooperative financing framework for the project to deliver 20,000 housing units.
Al-Hogail also held discussions with the China Export and Credit Insurance Corporation for Projects, focusing on the Kingdom’s strategies to develop housing infrastructure, including utilities and public roadways.
Additionally, he introduced a comprehensive financial system designed to support the housing sector. The conversation also encompassed accomplishments in terms of homeownership and mortgage financing, as well as financing programs, construction technologies, sustainability, and housing projects.
During his meeting with leaders of the Asian Infrastructure Investment Bank (AIIB), both sides explored avenues for cooperation and engaging in conversations about the proposed financing structure for housing projects.