Saudi Arabia has inked an agreement with China State Construction Engineering Corporation (CSCEC) to build 20,000 housing units. The deal, part of a broader $67 billion initiative, was signed in the presence of Majid bin Abdullah Al Hogail, the Minister of Municipal and Rural Affairs and Housing.
The National Housing Company (NHC), represented by CEO Mohammed bin Saleh Al Buty, formalized the partnership with CSCEC, with Gao Yu Chun, CSCEC’s President for the Middle East and Africa Region, signing on behalf of the Chinese construction giant. This collaboration aims to deliver high-quality housing projects across various regions of the Kingdom, enhancing suburban and community living spaces developed by NHC.
NHC emphasized that this agreement is integral to its strategy of working with leading global contracting companies to boost the real estate supply. The planned 20,000 housing units will feature diverse designs and sizes, incorporating health, educational, commercial, and public service facilities to ensure a superior quality of life for residents.
This partnership is a continuation of the burgeoning Saudi-Chinese relationship, marked by several recent agreements during Minister Al Hogail’s official visit to China. Notably, NHC also signed a deal with China Machinery Engineering Corporation (CMEC) to construct an additional 20,000 housing units in different regions of Saudi Arabia.
As a trailblazer in real estate development, NHC aims to deliver more than 300,000 housing units by 2025, valued at over SR250 billion ($67 billion). These units will cater to all societal segments, aligning with Saudi Vision 2030’s objective of increasing the homeownership rate for Saudi families to 70 percent.
Moreover, an agreement was made with CSCEC to establish an industrial and logistics city dedicated to building materials, ensuring a stable supply chain for NHC’s projects. These strategic partnerships are poised to significantly impact the Kingdom’s real estate landscape, fostering the development of high-quality living spaces that meet global standards.
