Beijing, August 16, 2023, Today, amidst great anticipation, the highly anticipated Saudi-Chinese Business Forum kicked off in the bustling city of Beijing. The forum, which is being held under the esteemed patronage of Majid bin Abdullah Al-Hogail, the Minister of Municipal, Rural Affairs, and Housing, has attracted a multitude of influential figures from both Saudi Arabia and China. Among the distinguished attendees was Abdulrahman bin Ahmed Al-Harbi, the Saudi Ambassador to China, who graced the event with his esteemed presence. The recently concluded forum placed its spotlight on the exploration of investment opportunities between Saudi Arabia and China, with a particular emphasis on bolstering partnerships in the domains of urban infrastructure, housing, real estate development, and financing. In a statement filled with optimism, Al-Hogail, a prominent figure, expressed his excitement regarding the inauguration of the highly anticipated Saudi-Chinese Business Forum. He emphasized the unwavering commitment of the Kingdom to strengthen its alliance with China, a partnership that has been prioritized under the astute guidance of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and the esteemed leadership of His Royal Highness Prince Mohammed bin Salman, the Crown Prince and Prime Minister. During the Chinese President's visit to the Kingdom in December, he emphasized the significance of the three summits that occurred. Additionally, a comprehensive strategic partnership agreement was established between the two countries, encompassing an action plan for collaboration in the housing sector.
In a recent statement, Al-Hogail, a prominent figure in the housing and municipal sectors, underscored the unwavering dedication of leaders from both nations to propel further advancements in these areas. He expressed his fervent hopes for enhanced cooperation in vital aspects such as urban infrastructure, housing initiatives, real estate development, and financing. In a recent statement, the speaker highlighted the remarkable investment prospects that lie within the Kingdom's borders. A staggering number of housing units, exceeding 300,000, are currently under construction across 17 prominent cities in Saudi Arabia. Spanning an impressive area of over 150 million square meters, this ambitious project is estimated to be valued at a staggering SAR 100 billion. In a bid to bolster real estate development in Saudi Arabia, Al-Hogail extends a warm invitation to Chinese companies, urging them to consider investing in the flourishing market. In a recent statement, the individual commended the fruitful partnership between the Kingdom and Chinese enterprises in the realm of housing initiatives across Saudi Arabia. Notably, it was disclosed that the Ministry of Municipal, Rural Affairs, and Housing is presently engaged in collaborative efforts with multiple Chinese companies on housing ventures amounting to a staggering SAR 3 billion.
During the highly anticipated Saudi-Chinese Business Forum, an event that brought together key stakeholders from both nations, the Minister of Municipal, Rural Affairs, and Housing had the privilege of being present as 12 significant cooperation agreements were inked between esteemed Saudi and Chinese companies and banks. This momentous occasion marked a significant step forward in fostering stronger ties and promoting mutually beneficial collaborations between the two nations. In a groundbreaking development, a series of agreements have been reached, boasting an impressive total investment value surpassing SAR 5 billion. These agreements span across a multitude of sectors, encompassing infrastructure development and financing. Notably, within this comprehensive framework, five agreements have been specifically dedicated to housing projects. This significant milestone marks a pivotal moment in the realm of economic progress and underscores the commitment to bolstering the housing sector.
