Saudi Arabia signs housing agreements with China worth $1.3bln

By Al Mayadeen English
Source: Agencies
16 Aug 2023 22:26
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Saudi Arabia's Minister of Municipal, Rural Affairs, and Housing reveals his Ministry is currently working with several Chinese companies on housing projects worth SAR 3 billion.

Representatives of Saudi and Chinese firms signing cooperation agreements on the sidelines of the Saudi-Chinese Business Forum, in Beijing, China, on August 16, 2023 (Saudi Press Agency)

The Saudi Ministry of Municipal, Rural Affairs, and Housing announced on Wednesday that Saudi Arabia has signed 12 housing contracts with Chinese firms, five of which are valued at more than 5 billion riyals ($1.33 billion).

This came on the sidelines of the Saudi-Chinese Business Forum that began on Wednesday in the Chinese capital, Beijing.

According to the state-run Saudi Press Agency (SPA), "The forum focused on exploring investment opportunities between Saudi Arabia and China, with a special emphasis on strengthening partnerships in urban infrastructure, housing, real estate development, and financing."

Al-Hogail Patronizes Launch of Saudi-Chinese Business Forum, and Signing of 12 Cooperation Agreements between the Two Countries, with Investments Exceeding SAR 5 Billion.https://t.co/AxKpzOXKvP #SPAGOV pic.twitter.com/7uRJpdbKYc
— SPAENG (@Spa_Eng) August 16, 2023

The agency said the Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, "noted 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 SAR 100 billion."

Al-Hogail also revealed that his Ministry "is currently working with several Chinese companies on housing projects worth SAR 3 billion," SPA reported.

It is noteworthy that the value of trade exchange between China and Arab countries amounted to $421 billion over the past year, a growth of 30% compared to 2021, and Saudi Arabia accounts for about 25% of that value, reaching $106 billion in 2022.

Saudi Minister of Investment Khalid Al-Falih revealed that the total volume of investment agreements that were signed during Chinese President Xi Jinping's visit to Riyadh in December 2022 amounted to about $50 billion.