Saudi Arabia Inks $1.3BN Worth of Housing, Infrastructure Deals With China

Saudi Arabia Inks $1.3BN Worth of Housing, Infrastructure Deals With China

Representatives from Saudi Arabia and China signed several housing and infrastructure agreements worth $1.33 billion on the sidelines of the Saudi-Chinese Business Forum hosted by Beijing on Wednesday.

“[A total of] 12 agreements and memorandums of understanding were signed between the Saudi side and Chinese companies in the fields of infrastructure and financing,” Saudi Minister of Municipal and Rural Affairs and Housing Majid al-Hogail, who presided over Wednesday’s forum, said in a tweet.

Although the names of the companies involved were not made public, a press release from the Saudi government revealed that Hogail met with representatives of the Chinese state-owned investment conglomerate CITIC to discuss “construction in Saudi Arabia and green housing technology.”

“These partnerships are set to foster advancements in key areas, including five focused on real estate developments, signaling a promising trajectory for the mutual growth of the Kingdom and China,” the state-run Saudi Press Agency (SPA) said on Thursday.

During his speech at the forum, Hogail stressed Riyadh’s “dedication to enhancing its partnership with China” as he spoke about several recent achievements, including the summits led by Chinese President Xi Jinping’s visit to Saudi Arabia in December.

“With the construction of over 300,000 housing units across 17 Saudi cities, covering an