Distinguished relations based on cooperation and partnerships between the Kingdom of Saudi Arabia and various Asian, Arab and African countries, and the partnership relationship between the Kingdom and China has emerged in recent years, especially in the real estate and housing sector, which is not limited to construction only, but also includes investment, urban development and infrastructure, which comes in line with Vision 2030 on increasing the percentage of home ownership.
Cooperation between the Kingdom and China
In December 2022, the Strategic Partnership Agreement between Saudi Arabia and China was signed, which paves the way for deepening cooperation in a number of sectors, including housing and real estate development, and this partnership comes in line with the objectives of the housing program within Vision 2030, which seeks to raise the percentage of residential ownership to 70% by 2030.
The number of agreements signed between Saudi Arabia and Chinese companies in the field of housing and infrastructure development in 2023 amounted to about 12 agreements worth more than 5 billion riyals, and the volume of foreign direct investment from China to Saudi Arabia in 2024 amounted to about 31.1 billion riyals, an increase of about 28.8%.
There are a number of areas of real estate cooperation between Saudi Arabia and China, including building housing units with various specifications, including health, educational and commercial services, and establishing industrial cities and logistics centers for manufacturing building materials in partnership with Chinese companies.
Minister of Municipalities and Housing Majid Al-Hogail is currently on an official visit to the Chinese capital Beijing, and according to the Saudi Press Agency, there is Saudi-Chinese cooperation with the aim of implementing 100,000 housing units by 2030, after benefiting from the Saudi-Chinese partnership in implementing more than 8,000 housing units.
According to the Saudi Press Agency, there is Saudi-Chinese cooperation to implement 100,000 housing units by 2030.
