Saudi Minister of Municipal, Rural Affairs, and Housing Majed Al-Hogail recently visited Beijing to meet with prominent figures in China’s construction and housing sectors, such as Ni Hong, China’s Minister of Housing and Urban-Rural Development, and Fang Qiuchen, President of the China International Contractors Association, to enhance cooperation in construction and real estate development. The focus was on developing joint housing policies, sharing city planning expertise, and promoting sustainable urban development initiatives. Both countries are interested in utilizing China’s advanced construction technology for Saudi Arabia’s infrastructure projects and exploring partnerships for future real estate developments, especially in residential communities. There were discussions about opportunities for Chinese companies to participate in Saudi Arabia’s growing sectors, including building, construction, maintenance, and cleaning services, as well as transferring knowledge and best practices in urban management and providing specialized training programs for Saudi workers in the construction industry.
The visit resulted in the signing of agreements and memoranda of understanding with major Chinese construction companies, aiming to leverage Saudi Arabia’s real estate investment potential in alignment with Vision 2030, a housing program that aims to increase homeownership rates and provide affordable housing solutions to Saudi families. This partnership is a result of the comprehensive partnership agreement signed in December 2022 between King Salman bin Abdulaziz Al-Saud and Chinese President Xi Jinping. The alliance promises to strengthen and invigorate the Saudi real estate market and contribute to economic diversification.
Prominent figures in the Saudi construction and housing sector, including Majed Al-Hogail, recently visited Beijing to meet with key players in China’s construction and housing industries. Discussions focused on deepening bilateral cooperation in construction, real estate development, city planning, and sustainable urban development. Both countries expressed interest in utilizing Chinese advanced construction technology for Saudi infrastructure projects and exploring potential partnerships for future real estate developments, particularly in residential communities. The visit also highlighted opportunities for Chinese companies to participate in Saudi Arabia’s booming sectors, such as building, construction, maintenance, and cleaning services, while transferring knowledge and best practices in urban management and offering specialized training programs for Saudi workers in the construction industry.
The visit resulted in the signing of agreements and memoranda of understanding with major Chinese construction companies, aiming to harness Saudi Arabia’s real estate investment potential and support Vision 2030, a housing program that aims to increase homeownership rates and provide affordable housing solutions to Saudi families. This strategic alliance, rooted in the comprehensive partnership agreement signed in December 2022 by King Salman bin Abdulaziz Al-Saud and Chinese President Xi Jinping, continues to strengthen, promising to invigorate the Saudi real estate market and enhance economic diversification. The delegation’s visit to Beijing was impactful, with key outcomes including agreements with Chinese construction companies to leverage Saudi real estate investment potential in alignment with Vision 2030, the kingdom’s ambitious housing program. The agreements aim to increase homeownership rates and provide affordable housing solutions to Saudi families, with a focus on developing joint housing policies, sharing city planning expertise, and fostering sustainable urban development initiatives. The visit also highlighted opportunities for Chinese companies to participate in Saudi Arabia’s burgeoning sectors, including building, construction, maintenance, and cleaning services, while transferring knowledge and best practices in urban management and offering specialized training programs for Saudi workers in the construction industry.
