Saudi Arabia and China Strengthen Strategic Partnerships in Municipal and Housing Sectors
In a high-level meeting in Riyadh, Saudi Arabia and China solidified their strategic partnerships in the municipal and housing sectors, paving the way for enhanced collaboration.
Minister of Municipal, Rural Affairs, and Housing Majid Al-Hogail met with Beijing’s Ambassador Chang Hua at the ministry headquarters in Riyadh to reaffirm their commitment to real estate relations.
Discussions focused on opportunities to bolster cooperation and partnership in real estate development, contracting, and municipal services, signaling a new era of collaboration between the two nations.
Al-Hogail emphasized the ministry’s dedication to nurturing strategic partnerships with China and expressed his eagerness to expand these relationships further, including establishing a joint working team to explore innovative avenues for cooperation.
Saudi Arabia and China have been working closely to boost the housing sector, with the ministry signing 12 real estate agreements worth SR5 billion ($1.3 billion) with Chinese companies in August 2023.
Furthermore, the Kingdom’s National Housing Co. inked a deal with Chinese construction firm CITIC Construction Group to develop an industrial city and logistic zones in Saudi Arabia last May.
Ambassador Hua commended the strong diplomatic ties between Saudi Arabia and China, underscoring China’s keen interest in enhancing commercial and investment relations with the Kingdom, particularly in infrastructure and contracting sectors.
He also praised the successful outcomes of Al-Hogail’s recent visit to China, laying the foundation for deeper collaboration between the two countries.
This meeting aligns with Saudi Arabia’s proactive approach to bolstering bilateral cooperation across various sectors, as seen in the expanded collaboration with Turkiye in real estate, infrastructure, and waste management during Al-Hogail’s official visit to Istanbul in July.
The rapid advancement of the Saudi real estate market, characterized by ambitious urban development projects and substantial infrastructure investments, continues to attract global interest, with a strong focus on sustainability and innovation.