Al-Hogail concludes his official visit to Beijing, and witnesses the signing of agreements to attract a group of Chinese construction and contracting companies to Riyadh

His Excellency the Minister of Municipal Rural Affairs and Housing, Chairman of the Housing Program Committee, Mr. Majid bin Abdullah Al-Hogail, concluded his official visit to the Chinese capital, Beijing. During the visit, he met with the Minister of Housing and Urban-Rural Development of China, Mr. Ni Hong, and the President of the Chinese International Contractors Association (CHINCA), Mr. Fang Qiuchen. He also met with a number of heads of Chinese construction companies and banks to enhance partnership between the Kingdom and China in the construction, building, and real estate development sectors.

Both sides discussed joint cooperation in the development of housing policies and programs between both countries. They also exchanged experiences and practices in the fields of urban planning, sustainable urban development, and investment in construction technology. They explored future partnerships for real estate projects and infrastructure development within residential communities, benefiting from the construction technology possessed by the Chinese side. Additionally, they exchanged experiences in urban management and the implementation of best practices in this regard.

Moreover, they discussed the current opportunities to attract a group of specialized Chinese companies in the construction, building, maintenance, and cleanliness sectors to the Kingdom. This aims to benefit from the innovative practices followed by Chinese companies. The Chinese side expressed its desire to benefit from the Kingdom's progress and advancements in various fields, as well as their keenness to transfer their diverse experiences to the Saudi human resources through the establishment of specialized training programs for workers in the construction and building sectors in the Kingdom.

During his visit, Al-Hogail witnessed the signing of agreements and memoranda of understanding with several major Chinese construction companies. The aim is to benefit from the investment opportunities available in the Saudi real estate sector, particularly in the communities and suburbs being developed by the National Housing Company (NHC). This is part of the efforts to achieve the targets of the housing program, which include increasing the homeownership rate to 70% by 2030 and providing more housing options and financing solutions for Saudi families.

The visit of His Excellency the Minister of Municipal Rural Affairs and Housing to Beijing reflects the distinguished level reached by the Saudi-Chinese relations following the signing of the "Comprehensive Strategic Partnership Agreement" between both countries. The agreement was signed by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Chinese President Xi Jinping during the latter's visit to the Kingdom in December 2022. It included government agreements and memoranda of understanding for cooperation in various fields, including housing.

The Saudi-Chinese strategic partnership contributes to enhancing the dynamics of the Saudi real estate market through cooperation with major local and international companies to attract investments in the housing sector, which affects more than 120 activities and industries. It provides more housing units for citizens at suitable prices and financing solutions, and enhances the non-oil GDP. The real estate activities sector contributed 12.1% and the construction and building sector contributed 11.2% to the non-oil GDP. This will contribute to achieving the targets of the housing program by raising the homeownership rate to 70% by 2030, after reaching 63.74% by the end of 2023.

It is worth mentioning that His Excellency the Minister of Municipal Rural Affairs and Housing conducted a number of official visits to enhance international partnerships with leading real estate developers and attract global companies in the construction and real estate development sector. This aims to enhance the completion of housing units and provide suitable financing solutions for citizens.