Saudi Arabia has entered into an agreement with a Chinese construction firm to build 20,000 new homes, aiming to launch $67B worth of new real estate projects.
The National Housing Company (NHC) signed this deal with China State Construction Engineering Corporation (CSCEC) in the presence of Majid bin Abdullah Al Hogail, the Minister of Municipal and Rural Affairs and Housing.
The agreement focuses on constructing 20,000 housing units in suburbs and communities developed by NHC across various regions of Saudi Arabia.
At the signing ceremony, NHC was represented by CEO Mohammed bin Saleh Al Buty, while CSCEC’s President for the Middle East and Africa Region, Gao Yu Chun, represented the construction firm.
NHC stated that this partnership is part of its initiative to develop high-quality projects with leading global contracting companies.
The company plans to build 20,000 housing units of different sizes and designs, equipped with health, educational, commercial, and public service facilities to ensure a high quality of life.
NHC emphasised that this agreement is part of its strategy to increase real estate supply through strategic partnerships with major international companies.
The aim is to create high-quality housing projects in various regions of the Kingdom, with NHC targeting the delivery of more than 300,000 housing units by 2025, valued at over SR 250B ($67B).
These units will be accessible to all segments of society.
The agreement extends the Saudi-Chinese partnership, with several agreements signed during Minister Al Hogail’s official visit to China.
Agreements were made with CSCEC to establish an industrial and logistics city for building materials, securing 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 significantly enhance the real estate sector.
The National Housing Company is a leader in real estate development and the largest primary developer of suburbs and urban communities in the Kingdom.
NHC is committed to creating high-quality living spaces and increasing real estate supply with housing options that meet global standards.
This aligns with Saudi Vision 2030’s objective to raise the homeownership rate for Saudi families to 70 per cent.