A new business deal between Saudi Arabia and China will see a huge construction project totaling 20,000 homes.
The agreement is an extension of the Saudi-Chinese partnership, with a series of agreements recently signed during Minister Al Hogail’s official visit to China.
It has been announced that The National Housing Company (NHC) has signed an agreement with China State Construction Engineering Corporation (CSCEC) in the presence of the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al Hogail.
The housing units will also offer health, educational, commercial, and public service facilities in NHC-developed regions of Saudi Arabia.
The deal fits with NHC’s aims to deliver over 300,000 housing units by 2025, with a total value exceeding a quarter of a trillion riyals.
Also in May, NHC signed a cooperation agreement with China’s CITIC Construction to establish an industrial city and logistics zones for building materials, comprising 12 factories in Saudi Arabia, to secure supply chains for residential projects.
It comes as UAE’s housing market growth is accelerating and foreign homeownership rules could be part of the reason.
