Saudi Arabia's National Housing Company has signed a cooperation agreement with China Machinery and Equipment Engineering Co., LTD., which plans to build 20,000 apartments in Saudi Arabia to ease local housing demand.
The move is part of Saudi Arabia's "Vision 2030" housing plan, which aims to boost domestic housing supply through international cooperation.
According to the Saudi Press Agency, the agreement was officially signed in Beijing, the two sides will jointly build apartment buildings in urban and rural areas of Saudi Arabia, in order to more effectively meet the housing needs of residents. This partnership will not only directly benefit Saudi individuals and families, but is also an important step towards achieving the country's housing goals.
Majid Hogair, Saudi Minister of Urban and Rural Affairs and Housing and Chairman of the Housing Planning Committee, witnessed the signing of the agreement during his visit to China.
He said the partnership is part of the kingdom's broader efforts to realize its ambitious housing plan, which aims to join forces with leading global companies to attract international real estate investment.
Mohammed Al-Buty, CEO of the Saudi National Housing Company, represented the company at the signing ceremony. The company stressed that the agreement will complement its projects with top global construction companies and promote the construction of integrated facilities in various fields, including health, education, commercial and public services.
As a major real estate player in the Middle East, the Saudi National Housing Company plans to develop multiple residential communities and deliver 300,000 housing units by the end of 2025. The company is committed to creating high-quality urban complexes at affordable prices and promoting the sustainability of residential projects across the kingdom.
In addition, the Saudi National Housing Company signed another agreement with CITIC Construction Group last week to build an industrial city and a logistics area for building materials. The project includes the construction of 12 factories to guarantee the stability of the supply chain of the housing project. The move shows Saudi Arabia's determination to improve the efficiency and quality of housing construction. In addition to the National Machinery Group, MCC International also participates in housing construction cooperation in Saudi Arabia.Earlier in 2016, the governments of China and Saudi Arabia signed the Memorandum of Understanding on Cooperation in the field of Housing, laying the foundation for in-depth cooperation between the two sides in housing and related fields.
The inter-governmental memorandum covers public and private sector cooperation, construction technology exchange, housing policy exchange, project cooperation and personnel training, and aims to promote comprehensive cooperation and development in the field of housing between the two countries. Editor/Xu Shengpeng
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