His Excellency the Minister of Municipalities and Housing, Mr. Majid bin Abdullah Al-Hogail, will start an Asian tour tomorrow, Thursday, including the People's Republic of China and the Republic of South Korea, as part of strengthening international partnerships in the fields of housing, urban technologies, and smart cities in line with the objectives of Saudi Vision 2030 in developing an integrated urban environment and improving the quality of life in Saudi cities.
The tour comes as part of a strategic path led by the Ministry of Municipalities and Housing to enhance cooperation with developed countries in the fields of industrial construction, real estate development, digital transformation, through agreements and memorandums of understanding with a number of leading companies and institutions in Asia, in support of its ongoing efforts to increase real estate supply and achieve balance in the housing market.
His Excellency the Minister will start his tour with an official visit to the Chinese capital Beijing, where he will hold extensive meetings with officials and partners in the fields of urban development and industrial construction, as the visit will witness the signing of new agreements within the targeted path to implement (100) thousand housing units until 2030, in support of the sustainability of the supply and diversity of housing solutions for citizens.
His Excellency the Minister of Real Estate will head to the Chinese capital Beijing. His Excellency the Minister of Municipalities and Housing will then head to the Korean capital, Seoul, as part of the second phase of the tour, to discuss enhancing cooperation in smart cities, urban facilities management, and digital transformation in housing services, in addition to signing new agreements with Korean companies specialized in urban technologies and smart construction.
The visit will witness the signing of new agreements within the target path to implement (100,000) housing units until 2030, in support of the sustainability of the supply and diversity of housing solutions for citizens. During his visit to Korea, the Minister will review the most prominent previous Saudi-Korean partnerships in the real estate and technology sectors, most notably NHC's agreement with the Korean company NAVER, which was signed under his patronage last November during Cityscape International in Riyadh, with an estimated value of more than SAR 2 billion, with the aim of establishing a strategic investment partnership to develop innovative digital solutions that combine artificial intelligence, digital twin and cloud computing, and contribute to enhancing efficiency and transparency in the real estate and municipal sectors, within the Kingdom's directions towards integrating technical innovation with sustainable urban development.
The Asian tour reflects the Kingdom's efforts to integrate technological innovation into sustainable urban development.
The Asian tour embodies a new strategic dimension linking industrial construction and urban innovation, within two main axes; China to enhance partnerships in real estate development and pumping housing supply, and South Korea to expand cooperation in smart cities, digital transformation and raising the efficiency of service management.
This tour is part of the Kingdom's efforts to integrate technological innovation in sustainable urban development. This tour is an advanced step towards strengthening the Kingdom's position as a regional center for modern urban development and raising the percentage of residential ownership to 70% by 2030, through diversifying partnerships, transferring technology, localizing the industry, and achieving a sustainable real estate balance that reflects positively on the citizen and the national economy.
This tour is an advanced step towards strengthening the Kingdom's position as a regional center for modern urban development and raising the percentage of residential ownership to 70% by 2030. <It is noteworthy that during the past years, Saudi-Chinese cooperation has witnessed remarkable growth, as in 2023 (12) cooperation agreements were signed in the fields of infrastructure development, finance and housing, with a total value of more than (1.In 2024, an agreement was signed with CSCEC to build (20) thousand integrated housing units, in addition to a memorandum of understanding with CITIC Group to establish an industrial city and logistics zones to secure the supply chains of building materials including (12) factories, and this year witnessed technical partnerships with a number of Chinese companies focused on infrastructure and housing projects, contributing to technology transfer and localization of industry.
This year, technical partnerships with a number of Chinese companies focused on infrastructure and housing projects, contributing to technology transfer and localization of industry.
