Al-Hogail meets with a number of Chinese companies for cooperation in real estate development and urban infrastructure

His Excellency Minister of Municipal Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, met today in the Chinese capital, Beijing, with a number of heads of Chinese companies specialized in the fields of housing infrastructure. This comes as part of his official visit to China to enhance cooperation opportunities in infrastructure, urban development, housing, real estate development, and finance. The meeting was attended by His Excellency Ambassador of the Kingdom to the People's Republic of China, Mr. Abdulrahman bin Ahmed Al Harbi.

During the meeting, His Excellency discussed with Sitc Group and Sitc Construction Company the plan for establishing the planned industrial complex according to the highest standards in precasting technology, finishing materials, and the operational model for industrial areas. This is expected to improve production capacity and delivery channels by 5,000 units annually. His Excellency also explored opportunities for cooperation in the field of green and sustainable housing technology, commending Sitc's efforts in introducing and integrating advanced technologies to enhance construction in the Kingdom. The latest developments in the cooperative financing structure for the delivery of 20,000 housing units were also discussed, with Sitc coordinating between the National Housing Company (NHC), Saudi Real Estate Refinance Company (SRC), and Damanat on one side, and Chinese banks/Sinosure on the other.

Furthermore, His Excellency met with China Insurance Company for Projects to discuss Saudi Arabia's plans for developing housing infrastructure, such as facilities and public roads, and introducing the comprehensive financial system that supports the housing industry. The achievements in terms of homeownership, mortgage financing, financing programs, construction techniques, sustainability, and housing projects were highlighted. Additionally, he met with leaders of the Asia Infrastructure Investment Bank (AIIB) to explore cooperation opportunities and discuss the proposed financing structure for housing projects.

It is worth mentioning that His Excellency, Minister of Municipal Rural Affairs and Housing, visited the "Beijing Development Stages Exhibition" yesterday to learn about China's experience and explore the best modern practices in urban development and improvement. He also met with leaders of housing and real estate development companies to discuss cooperation, exchange expertise, and review investment opportunities provided by the Kingdom in the municipal and housing sectors.