Saudi Arabia and China sign an agreement on the construction of 100 thousand new apartments

Saudi Arabia and China sign an agreement on the construction of 100 thousand new apartments

Saudi Arabia and China signed a memorandum of intent to build 100,000 housing units in Al-Hasa.

The memorandum was signed by Saudi Arabia’s Minister of Housing Majid Al-Hoqail and Chinese Deputy Minister of Commerce Qian Kemin after the visit of the successor to the Crown Prince of the Kingdom of Saudi Arabia, Muhammad ibn Salman. Ningxia in China, suggesting the development of Al-Asfar territory in Al-Hasa province in Saudi Arabia. Al-Hokail said that the agreements reached are intended to raise production efficiency and stimulate the growth of real estate offers.

During the visit, Prince Muhammad met with representatives of Chinese banks, including the Bank of China, the China Telecommunications Bank and the Asian Infrastructure Investment Bank.

After the Arab Spring uprisings that shook the region in 2011, King Abdullah of Saudi Arabia announced the start of an ambitious program with a total budget of $ 66.6 billion, which for several years was supposed to build 500,000 low-cost apartments to tackle the acute housing shortage among young and the growing population of the Kingdom; however, this project was gaining momentum too slowly.

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In December last year, the Minister of Housing of the Kingdom stated that by 2025 three million new apartments would be needed, since, according to forecasts, in 10 years the population of the country will exceed 37 million.

Earlier this year, a consortium of South Korean contractors received a contract to implement a project to build 100,000 new apartments for $ 20 billion in a new city in Saudi Arabia, Dahyat Al-Fursan.

In the photo: Saudi Crown Prince Muhammad ibn Salman (left) and Chinese Prime Minister Zhang Gaoli at a recent meeting of the United Saudi-Chinese Committee.

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