The Saudi Minister of Housing begins an official visit to China.. Why

Today, 13-8-2023, the Saudi Minister of Municipal Affairs and Housing, Majid bin Abdullah Al-Hogail, begins an official visit to the Chinese capital, Beijing, which will last until August 16.

This visit comes to discuss ways to enhance bilateral relations between the Kingdom and China in the "municipality" and "housing" sectors, and to learn about the experiences of Chinese companies in the fields of infrastructure, urban development, housing, real estate development and financing, according to the Saudi Press Agency.

Chinese experiences

He also meets with the leaders of a number of Chinese companies; Among them are CITIC Group, CITIC Construction, and China Insurance Company, and he will meet with a number of Chinese bank leaders, such as the Asia Infrastructure Investment Bank, the Bank of China, the China Import and Export Bank, and the China Development Bank, to discuss ways of cooperation in developing infrastructure and housing projects and exploring Funding models. 

Al-Hogail will also visit the exhibition of the stages of development of the Chinese capital, Beijing, in order to learn about the Chinese experiences in the development and improvement of cities.

Chinese companies

During his visit, Al-Hogail will sponsor the Saudi-Chinese Business Forum, which will start on Wednesday, August 16, in the presence of a number of ministry officials and Saudi investors, as well as representatives of Chinese companies and businessmen.

Which reviews the investment opportunities and advantages offered by Saudi Arabia in the fields of infrastructure and housing, with the aim of attracting the best Chinese companies to invest in the Kingdom and strengthening partnerships between the two sides.

Turkish companies

It is noteworthy that the Minister of Municipal, Rural Affairs and Housing conducted, during the month of July, an official visit to Turkey, during which he witnessed the launch of the Saudi-Turkish Business Forum in Istanbul, and a meeting with a number of Turkish government officials and a number of Turkish businessmen and investors, to enhance cooperation opportunities with Turkish companies in the fields of Urban development, construction, real estate development, contracting, smart cities and urban development.

Housing movement

In a new step to support the housing movement in Saudi Arabia, the CEO of the National Housing Company, Muhammad Al-Bati, signed 30 agreements, memorandums of understanding and advisory contracts with a total investment exceeding 24 billion riyals ($6.4 billion) with a number of real estate developers, to work on developing a phase of a new suburb in the capital, Riyadh.

This came on the sidelines of the inauguration ceremony of Al-Fursan suburb, the largest residential suburb in Saudi Arabia, under the auspices of Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, and in the presence of Majid bin Abdullah Al-Hogail, Minister of Municipal and Rural Affairs and Housing.