The Minister of Municipal, Rural Affairs and Housing begins an official visit to China next week, to sign agreements for establishing thousands of housing units

His Excellency the Minister of Municipal Rural Affairs and Housing, Chairman of the Housing Program Committee, Mr. Majed bin Abdullah Al-Hogail, will begin an official visit to the Chinese capital, Beijing, next week. During the visit, he will meet with several officials in the Chinese government, as well as heads of construction companies and Chinese banks, in order to enhance the partnership between the Kingdom and China in the construction, building, and real estate development sectors.

At the beginning of the visit, His Excellency will meet with the Chinese Minister of Housing and Urban-Rural Development, Mr. Ni Hong, to discuss the prospects of mutual cooperation, exchange of experiences, and enhancing investment opportunities in various developmental sectors between the two countries, especially in the housing, real estate development, and urban development sectors. The meeting will also discuss programs, strategies, and innovative projects in the areas of urban development, construction, housing, and modern construction technologies.

During the visit, Al-Hogail will witness the signing of agreements between the National Housing Company and several Chinese construction companies to build thousands of residential units. He will also attract major factories to establish an industrial logistics area for building materials in order to ensure supply chains and create an innovative working model to address the needs of various housing projects. This is part of the ongoing efforts to enhance and increase the units in integrated residential communities and suburbs that adhere to the highest quality standards, contributing to the achievement of one of the most important targets of the housing program, which is to raise the homeownership rate to 70% by 2030.

His Excellency will also meet with leaders of Chinese banks to discuss partnership and enhance cooperation in the real estate and housing project financing sector, as well as infrastructure development, in order to provide suitable financing solutions for citizens.

It is worth mentioning that His Excellency the Minister of Municipal Rural Affairs and Housing has conducted several official visits to enhance international partnerships with major institutions, construction companies, and real estate developers. These visits aim to exchange experiences, explore successful international practices, attract them, and review investment opportunities in the real estate sector that the Kingdom enjoys.