Saudi Arabia and Chinese Firm to Build 20,000 New Homes in $67 Billion Real Estate Boost

19 Jul, 2024

Saudi Arabia and Chinese Firm to Build 20,000 New Homes in $67 Billion Real Estate Boost

Saudi Arabia has signed a significant agreement with China State Construction Engineering Corporation (CSCEC) to build 20,000 new homes, as part of a broader $67 billion initiative to enhance the kingdom’s real estate market. This strategic partnership, signed in the presence of Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al Hogail, is aimed at developing high-quality residential projects across various regions in Saudi Arabia.

The National Housing Company (NHC), represented by CEO Mohammed bin Saleh Al Buty, and CSCEC, represented by President for the Middle East and Africa Region Gao Yu Chun, highlighted that the new homes would be equipped with health, educational, commercial, and public service facilities to ensure a high quality of life for residents.

This initiative aligns with Saudi Vision 2030, which aims to increase the homeownership rate for Saudi families to 70%. By 2025, NHC plans to deliver more than 300,000 housing units valued at over SR250bn ($67 billion). Additionally, agreements with China Machinery Engineering Corporation (CMEC) to build another 20,000 units underscore the commitment to enhancing the real estate sector through strategic international partnerships. This project marks a significant step in providing diverse, high-quality housing options and boosting the kingdom's real estate supply.