Saudi Arabia, China to sign housing project agreements
Saudi Arabia and China are set to sign agreements for housing projects during a visit by the Saudi Minister of Municipal and Rural Affairs and Housing, Majed bin Abdullah Al-Hogail, to Beijing this week, according to a report by local Arabic daily Aliqtisadia.
The report stated that the National Housing Company (NHC) of Saudi Arabia and Chinese construction companies are expected to finalize several agreements to build thousands of housing units in the Kingdom. Minister Al-Hogail, who also heads the Housing Programme under Vision 2030, will oversee the signing ceremony.
In addition to housing projects, Al-Hogail is expected to extend an invitation to Chinese building material suppliers to invest in a planned logistics zone for construction materials. This zone aims to secure the supply chain for Saudi Arabia's ambitious housing program, which has a target of increasing homeownership to 70 percent by the year 2030.
