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Thu 1 Sep 2016 01:44 PM

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Saudi Arabia, China sign deal to build 100,000 homes

Agreement seeks to achieve strategic aim in stimulating the real estate supply and raising productivity

Saudi Arabia, China sign deal to build 100,000 homes
Saudi Arabias Deputy Crown Prince Mohammed bin Salman (L) and Chinese President Xi Jinping (R). (Rolex Dela Pena/AFP/Getty Images)

Saudi Arabia and China signed a memorandum of understanding (MoU) to build 100,000 residential units in Al-Ahsa, Saudi Press Agency reported.

The MoU was signed by Saudi’s Minister of Housing, Majed Al-Huqail, and Chinese Deputy Minister of Trade, Qian Keming, after the visit of Deputy Crown Prince Muhammad Bin Salman.

Al-Huqail also signed a memorandum of cooperation between the ministry and China’s Ningxia region to develop Al-Asfar outskirts in Al-Ahsa province in Saudi Arabia.

In a press statement, Al-Huqail said that these memoranda seek to achieve the Housing Ministry's strategic aim in stimulating the real estate supply and raising productivity.

During his visit, Prince Muhammad also met officials of Chinese banks, including Bank of China, Bank of China for Telecommunications, and Asian Infrastructure Investment Bank.

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