Both nations expressed keen interest in leveraging Chinese advanced construction technology for Saudi Arabia’s infrastructure projects
BEIJING — Saudi Minister of Municipal, Rural Affairs, and Housing Majed Al-Hogail recently concluded an impactful visit to Beijing, where he met with significant stakeholders in China’s construction and housing sectors. His discussions with Ni Hong, China’s Minister of Housing and Urban-Rural Development, and Fang Qiuchen, President of the China International Contractors Association, were centered around deepening bilateral cooperation in construction and real estate development.
The visit focused on developing joint housing policies, sharing city planning expertise, and fostering sustainable urban development initiatives. Both nations expressed keen interest in leveraging Chinese advanced construction technology for Saudi Arabia’s infrastructure projects. They also discussed potential partnerships for future real estate developments, especially in residential communities.
Additionally, the visit highlighted opportunities for Chinese companies to participate in Saudi Arabia’s booming sectors, including building, construction, maintenance, and cleaning services. The delegation explored avenues for transferring knowledge and best practices in urban management and developing specialized training programs for Saudi workers in the construction industry.
Key outcomes of the visit included signing agreements and memoranda of understanding with major Chinese construction companies, aiming to harness Saudi Arabia’s real estate investment potential. These agreements align with Saudi Arabia’s ambitious housing program under Vision 2030, which seeks to increase homeownership rates and provide affordable housing solutions to Saudi families.
The 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.
Source: Zawya
