Saudi Arabia, China ink two key deals to boost Kingdom’s housing sector

As Saudi Arabia’s economic ties with China grow, the Kingdom is leveraging this strategic partnership to boost its housing sector in line with its ambitious transformation plan, Vision 2030. In an effort to accelerate its Housing Program, which aims to increase homeownership among citizens to 70 percent by 2030, Saudi Arabia has inked two key agreements with China in the industrial and construction sectors.

Industrial city and logistics zones

Saudi Arabia’s National Housing Company (NHC) recently signed a cooperation agreement with China’s CITIC Construction to establish an industrial city and logistics zones for building materials. The agreement comprises building 12 factories in Saudi Arabia to secure supply chains for residential projects.

This agreement will contribute to maximizing the economic and developmental impact of the real estate sector in Saudi Arabia. Moreover, it will develop and raise the quality of residential projects across the country. It will also promote the national transformation of the construction sector through industrial cities and logistics zones, which will serve China’s factories in localizing the building materials industry in Saudi Arabia.

Read: Saudi Arabia’s minister highlights $3 billion in Spanish real estate investments, announces upcoming development agreement

20,000 housing units project

In line with propelling Saudi Arabia’s housing sector, the National Housing Company and the China Machinery Engineering Corporation inked an agreement to build 20,000 housing units in the Kingdom. This project focuses on developing several suburban and urban areas across the Kingdom. Moreover, it aims to integrate several facilities and services, including health, education, commercial and public services.

Saudi Arabia’s agreements with China aim to address the housing needs of residents by increasing the supply of housing units across the Kingdom as well as facilitating the construction process by making building materials available. This directly benefits families and individuals seeking to purchase houses across the country, further contributing to Saudi Arabia’s Housing Plan and Vision 2030 overall.

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