At a significant commercial event in Beijing, deals totaling SR5bn ($1.3bn) were signed between Saudi Arabia and China. Under the sponsorship of Majid bin Abdullah Al Hogail, Minister of Municipal, Rural Affairs, and Housing, the Saudi Ambassador to China, Abdulrahman bin Ahmed Al Harbi, also attended the opening of the Saudi-Chinese Business Forum.
The forum's main objective was to examine potential joint ventures between Saudi Arabia and China, with a focus on advancing collaborations in urban infrastructure, housing, real estate development, and financing. Al Hogail emphasized the Kingdom's commitment to strengthening its connection with China under the leadership of King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman, Crown Prince and Prime Minister, in his enthusiasm for the start of the Saudi-Chinese Business Forum.
In addition to the comprehensive strategic partnership agreement between the two nations, which includes an action plan for cooperation in the housing sector, he emphasized the three summits that were held during the Chinese President's visit to the Kingdom in December. Al Hogail emphasized the two nations' shared commitment to furthering the development of the housing and municipal sectors and highlighted his hopes for stronger cooperation in these areas.
The building of more than 300,000 housing units across 17 Saudi cities, covering an area of more than 150 million square meters, and valued at over SR100bn ($26.7bn), he said, has created enormous investment prospects in the Kingdom. Al Hogail urged Chinese investors to fund the construction of real estate in Saudi Arabia.
He lauded the Kingdom's and Chinese firms' productive cooperation on housing projects across Saudi Arabia and said that the Ministry of Municipal, Rural Affairs, and Housing is presently working with various Chinese companies on housing projects worth SR3 billion ($799 million).