Saudi Arabia and China have signed deals worth SR5bn ($1.3bn) at a major business event in Beijing.
The Saudi-Chinese Business Forum commenced under the patronage of the Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al Hogail, the Saudi Ambassador to China, Abdulrahman bin Ahmed Al Harbi, was also present at the event.
The forum 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.
Saudi-China trade
Al Hogail expressed his enthusiasm for the launch of the Saudi-Chinese Business Forum, highlighting the Kingdom’s dedication to enhancing its partnership with China under the leadership of King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman, Crown Prince and Prime Minister.
He highlighted the three summits that took place during the Chinese President’s visit to the Kingdom in December, as well as the comprehensive strategic partnership agreement between the two countries, which includes an action plan for cooperation in the housing sector.
Al Hogail emphasised the commitment of both countries to develop the housing and municipal sectors further, and expressed his aspirations for increased collaboration in urban infrastructure, housing, real estate development, and financing.
He noted the significant investment opportunities available in the Kingdom, with the construction of more than 300,000 housing units across 17 Saudi cities, covering an area of more than 150 million square meters, and valued at over SR100bn ($26.7bn).
Al Hogail invited Chinese companies to invest in real estate development in Saudi Arabia.
He praised the successful collaboration between the Kingdom and Chinese companies in housing projects throughout Saudi Arabia, revealing that the Ministry of Municipal, Rural Affairs and Housing is currently working with several Chinese companies on housing projects worth SR3bn ($799m).
On the sidelines of the Saudi-Chinese Business Forum, the Minister of Municipal, Rural Affairs, and Housing witnessed the signing of 12 cooperation agreements between Saudi and Chinese companies and banks.
These agreements, with a total investment value exceeding SR5bn ($1.3bn), covered various fields including infrastructure development and financing, and specifically included five agreements related to housing projects.
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