China-Saudi Housing Collaborations will Grow as Officials Convene in Riyadh

China-Saudi Housing Collaborations will Grow as Officials Convene in Riyadh

Following a high-level conference in Riyadh, Saudi Arabia and China are expected to strengthen their strategic relationships in the housing and municipal sectors.

At the ministry’s Riyadh headquarters, Beijing’s Ambassador Chang Hua had a meeting with Majid Al-Hogail, the Kingdom’s Minister of Municipal, Rural Affairs, and Housing, to reaffirm their real estate relations.

According to a report by the Saudi Press Agency, officials talked about ways to improve collaboration and partnerships in the areas of contracting, municipal services, and real estate development.

Al-Hogail highlighted the ministry’s dedication to cultivating strategic alliances with China and conveyed his desire to advance these ties, which includes creating a collaborative working group to investigate novel opportunities for collaboration.

An important turning point in the housing relations between Saudi Arabia and China is the arrival of Al-Hogail.

This visit marked the beginning of a new phase of bilateral collaboration in the real estate sector between King Salman and Chinese President Xi Jinping, following the signing of the Comprehensive Strategic Partnership agreement in December 2022.

The strategic relationship between Saudi Arabia and China seeks to improve the dynamics of the Saudi real estate industry by working with top domestic and foreign businesses and drawing capital into the housing sector.

More than 120 companies and activities are impacted by this collaboration, which offers residents more finance and housing options at lower costs.

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