Riyadh and Beijing have inked a dozen co-operation agreements worth over $1.33 billion on the sidelines of the Saudi-Chinese Business Forum, bolstering collaboration in key sectors such as infrastructure, financing and housing.
The developments at the event, being held in Beijing, signifies the deepening ties between the two countries, paving the way for enhanced growth and shared progress, Saudi Minister of Municipal and Rural Affairs and Housing Majid Al Hogail said in a tweet.
These partnerships are set to foster advancements in key areas, including five focused on real estate developments, signalling a promising trajectory for the mutual growth of the kingdom and China, according to the Saudi Press Agency.
During the forum, Al Hogail stressed the kingdom’s dedication to enhancing its partnership with China as he spoke about several achievements, such as the three summits during the Chinese President’s visit to Saudi Arabia in December.
The minister also shed light on the comprehensive strategic partnership agreement between the two countries, including an action plan for co-operation in the housing sector.
With the construction of over 300,000 housing units across 17 Saudi cities, covering an area of over 150 million sqm and valued at over 100 billion Saudi riyals ($26.66bn), the kingdom holds significant investment opportunities, Al Hogail emphasised.
Moreover, he revealed that the Ministry of Municipal, Rural Affairs and Housing is working hand in hand with several Chinese companies on housing projects worth an accumulated 3bn riyals.
The forum explored investment opportunities between the two sides, bolstering collaborations in urban infrastructure, housing, real estate development and financing.
Saudi Arabia and China sealed 35 investment agreements worth around $30bn during the visit of Chinese President Xi Jinping to Saudi Arabia last December.
According to a Belt and Road Initiative report, Saudi Arabia remains one of China’s most vital global trade partners, leading Chinese engagement in the construction sector during the first half of 2023.