Saudi Arabia has signed 12 co-operation agreements worth more than SR5 billion ($1.3 billion) with Chinese companies and banks at a key forum held in Beijing.
The forum, held under the patronage of the Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al Hogail, focused on exploring investment opportunities between Saudi Arabia and China, with a special emphasis on strengthening partnerships in urban infrastructure, housing, real estate development, and financing.
It was aso atatended by the Saudi Ambassador to China, Abdulrahman bin Ahmed Al-Harbi and other officials.
In his address, Al Hogail emphasized the commitment of both countries' leaders to develop the housing and municipal sectors further, and expressed his aspirations for increased collaboration in urban infrastructure, housing, real estate development, and financing.
There are immense investment opportunities available in Saudi Arabia, thanks to the construction of over 300,000 housing units across 17 cities, covering an area of more than 150 million sq m, stated Al-Hogail.
With the projects valued at a whopping SR100 billion ($26.6 billion) being implemented, the minister said there is a lot the Chinese companies can do in boosting the real estate growth in Saudi Arabia.
Al Hogail expressed his enthusiasm for the launch of the forum, highlighting KSA's dedication to enhancing its partnership with China under the leadership of King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister.
Lauding the successful collaboration between Saudi and Chinese companies in housing projects across the kingdom, he stated that the Ministry of Municipal, Rural Affairs and Housing too was working with several Chinese companies on housing projects worth SR3 billion.-TradeArabia News Service