A contract between the National Housing Company (NHC) and the China State Construction Engineering Corporation (CSCEC) was signed in front of Majid bin Abdullah Al Hogail, Minister of Municipal and Rural Affairs and Housing.
The agreement intends to develop 20,000 housing units in multiple Saudi Arabian regions, including NHC-developed suburbs and communities, with a range of sizes and designs and equipped with commercial, educational, health, and public service facilities.
NHC emphasized that this agreement is a component of its strategy to expand the supply of real estate by forming strategic alliances with significant international corporations. By 2025, NHC hopes to deliver more than 300,000 housing units, valued at more than a quarter of a trillion riyals overall. Every social group will have access to these units.
As part of Minister Al Hogail’s official visit to China, several agreements were recently signed, extending the Saudi-Chinese partnership. Contracts were inked with CSCEC to create an industrial and logistics hub for construction materials, guaranteeing supply chains for the communities and suburbs of NHC.
Furthermore, a contract for the construction of 20,000 housing units was inked with China Machinery Engineering Corporation (CMEC). It is anticipated that these collaborations will have a major impact on the real estate industry’s growth.