Saudi Arabia has signed a deal with a Chinese construction to build 20,000 new homes as it looks to deliver $67bn of new real estate projects.
The National Housing Company (NHC) has signed an agreement with China State Construction Engineering Corporation (CSCEC) in the presence of the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al Hogail.
The agreement aims to build 20,000 housing units in the suburbs and communities developed by NHC across various regions of the Kingdom of Saudi Arabia.
New homes in Saudi Arabia
CEO Mohammed bin Saleh Al Buty represented NHC at the signing ceremony, while CSCEC’s President for the Middle East and Africa Region, Gao Yu Chun, represented the construction company.
NHC elaborated that this partnership is part of its effort to develop high-quality projects with leading global contracting companies.
The company aims to construct 20,000 housing units of various sizes and designs equipped with health, educational, commercial, and public service facilities to ensure a high quality of life.
NHC highlighted that this agreement is a part of the company’s strategy to increase the real estate supply through strategic partnerships with major global companies.
The goal is to establish high-quality housing projects in various regions of the Kingdom. NHC aims to deliver more than 300,000 housing units by 2025, with a total value exceeding SR250bn ($67bn).
These units will be available to all segments of society.
The agreement is an extension of the Saudi-Chinese partnership, with a series of agreements recently signed during the official visit of Minister Al Hogail to the People’s Republic of China.
Agreements were signed with CSCEC to establish an industrial and logistics city for building materials to secure supply chains for NHC’s suburbs and communities.
Additionally, an agreement was signed with China Machinery Engineering Corporation (CMEC) to build 20,000 housing units in various regions of the Kingdom. These partnerships are expected to contribute significantly to the development of the real estate sector.
The National Housing Company is a pioneer in the real estate development sector and the largest primary developer of suburbs and urban communities in the Kingdom.
NHC is dedicated to creating high-quality living spaces and aims to increase the real estate supply with housing options that meet global standards.
This is in line with Saudi Vision 2030’s goal of raising the homeownership rate for Saudi families to 70 per cent.
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