Saudi Arabia inks deal with Chinese construction giant to build 20,000 homes

Riyadh: The National Housing Company (NHC) has signed an agreement with China State Construction Engineering Corporation (CSCEC) in the presence of the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al Hogail.

The agreement aims to build 20,000 housing units of various sizes and designs equipped with health, educational, commercial, and public service facilities in NHC-developed suburbs and communities across multiple regions of Saudi Arabia.

NHC highlighted that this agreement is a part of the company's strategy to increase the real estate supply through strategic partnerships with major global companies. NHC aims to deliver more than 300,000 housing units by 2025, with a total value exceeding a quarter of a trillion riyals. These units will be available to all segments of society.

The agreement is an extension of the Saudi-Chinese partnership, with a series of agreements recently signed during Minister Al Hogail's official visit to China. Agreements were signed with CSCEC to establish an industrial and logistics city for building materials to secure supply chains for NHC's suburbs and communities.

Additionally, an agreement was signed with China Machinery Engineering Corporation (CMEC) to build 20,000 housing units. These partnerships are expected to contribute significantly to the development of the real estate sector.