Al-Hogail to Witness Signing of Agreements Between Saudi National Housing Company and Chinese Firms Next Week
Next week, the Minister of Municipal and Rural Affairs and Housing, and Chairman of the Housing Program Committee, Majid bin Abdullah Al-Hogail, will embark on an official visit to the Chinese capital, Beijing. During his visit, he will meet with several officials from the Chinese government, as well as heads of various Chinese construction companies and banks, to strengthen the partnership between Saudi Arabia and China in the construction, building, and real estate development sectors.
At the beginning of his visit, Al-Hogail will meet with the Chinese Minister of Housing and Urban-Rural Development, Ni Hong, to discuss prospects for mutual cooperation, exchange expertise, and enhance investment opportunities in various developmental sectors between the two countries, particularly in housing, real estate development, and urban development sectors.
The meeting will also cover discussions on programs, strategies, and qualitative projects at the level of city development, construction, housing, and modern building technologies, according to the Saudi Press Agency (SPA).
During the visit, Al-Hogail will witness the signing of agreements between the National Housing Company and several Chinese construction companies to build thousands of housing units. Additionally, major manufacturers will be attracted to establish a logistics and industrial zone for building materials to secure supply chains and create an innovative business model to address the needs of various housing projects. This effort aims to enhance and increase the number of units in integrated residential communities and suburbs that adhere to the highest quality standards, contributing to one of the main goals of the Housing Program—raising the homeownership rate to 70% by 2030.
Al-Hogail will also meet with several leaders of Chinese banks to discuss partnerships and enhance cooperation in the real estate and housing project financing sector, as well as infrastructure development. This aims to provide more suitable financing solutions for citizens.
It is worth noting that the Minister of Municipal and Rural Affairs and Housing has made several official visits to strengthen international partnerships with major institutions, construction companies, and real estate developers, exchange experiences, explore successful international practices, and attract them. He also reviews the investment opportunities in the real estate sector that Saudi Arabia offers.
