Saudi-Chinese alliance bolsters Saudi housing sector with new projects

RIYADH — Saudi Arabia is leveraging its strategic international partnerships, particularly with China, to accelerate its housing projects, enhancing quality and speed in alignment with Vision 2030. This initiative is part of the Kingdom's broader efforts to draw on global expertise and create an investment-friendly environment to spur economic growth.

Following a series of high-level visits between the two nations, including the Custodian of the Two Holy Mosques King Salman bin Abdulaziz’s and Crown Prince Mohammed bin Salman's multiple trips to China, the relationship has flourished. The recent Saudi-Chinese summit in December 2022 and ongoing ministerial exchanges have culminated in substantial agreements across various sectors.

The Ministry of Municipal Rural Affairs and Housing has been particularly active, following Minister Majid bin Abdullah Al-Hogail’s recent trip to China. A notable achievement from his visit was the partnership to construct an industrial city and logistics zones, featuring 12 factories dedicated to building and construction materials. This development is set to bolster the localization of construction products, support residential projects, and enhance the availability of high-quality, cost-effective housing. It is also expected to generate new employment opportunities within the sector.

Adding to these ventures, Minister Al-Hogail also inked a deal with a leading Chinese machinery engineering firm to develop 20,000 housing units in suburban areas under the "National Housing" initiative. This project aims to foster sustainable communities and expand housing options, ultimately increasing homeownership among citizens to 70% by 2030.

These agreements underscore the robust, multifaceted Saudi-Chinese relationship, fostering economic and investment growth that aligns with the strategic visions of both nations. — SG

Provided by SyndiGate Media Inc. (Syndigate.info).

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