Arab News
RIYADH: Strategic partnerships between Saudi Arabia and China across the municipal and housing sectors are set to enhance following a high-level meeting in Riyadh.
The Kingdom’s Minister of Municipal, Rural Affairs, and Housing Majid Al-Hogail met with Beijing’s Ambassador Chang Hua at the ministry headquarters in Riyadh to reiterate real estate relations.
Officials discussed opportunities to strengthen cooperation and partnership in real estate development, contracting, and municipal services, according to a report by the Saudi Press Agency.
Al-Hogail emphasized the ministry’s commitment to fostering strategic partnerships with China and expressed his aspiration to develop these relationships further, including forming a joint working team to explore new avenues for cooperation.
The two nations have been continuously cooperating to boost the housing sector. In August 2023, the ministry signed 12 real estate agreements worth SR5 billion ($1.3 billion) with Chinese companies.
Additionally, the Kingdom’s National Housing Co. signed an agreement with Chinese construction firm CITIC Construction Group last May to establish an industrial city and logistic zones in Saudi Arabia.
During the meeting, Hua praised the historical and fruitful diplomatic relations between Saudi Arabia and China.
He highlighted China’s interest in enhancing commercial and investment relations with the Kingdom, particularly in the infrastructure and contracting sectors.
The ambassador also lauded the successful outcomes of Al-Hogail’s recent visit to China, which set the stage for deeper collaboration.
This meeting aligns with Saudi Arabia’s active efforts to boost bilateral cooperation across various sectors.
Earlier in July, Saudi Arabia and Turkiye expanded cooperation in real estate, infrastructure, and waste management, which was highlighted during a three-day official tour by Al-Hogail in Istanbul.
During that visit, he met with Turkish officials and companies to explore investment opportunities, reflecting Saudi Arabia’s broader strategy to forge strong international partnerships.
The Saudi real estate market’s rapid advancement, marked by ambitious urban development projects and significant infrastructure investments, continues to attract global interest, emphasizing sustainability and innovation.