Saudi Arabia Seals $507 Million in Construction and Smart City Deals with Chinese Firms
Saudi Arabia signed housing and construction agreements worth 1.9 billion riyals (US$507 million) with Chinese partners including China State Construction Engineering during a visit to China by its housing minister, as Riyadh deepens cooperation with Beijing on urban development projects. Speaking at a signing ceremony on Monday evening in Shenzhen, Minister of Municipalities and Housing Majid Al-Hogail said Saudi Arabia was accelerating housing and urban-development projects
Saudi Arabia has solidified its deepening cooperation with China in urban development by signing housing and construction agreements valued at 1.9 billion riyals (US$507 million) with Chinese partners, including China State Construction Engineering. The deals were finalized during a visit to China by Saudi Arabia's Minister of Municipalities and Housing, Majid Al-Hogail. These agreements are part of Saudi Arabia's broader Vision 2030 initiative, which aims to accelerate housing and urban development projects across the kingdom. The signings in Shenzhen underscore a strategic push by Riyadh to leverage Chinese expertise and investment in transforming its urban landscape and infrastructure.
These significant deals highlight Saudi Arabia's strategic pivot towards enhanced cooperation with China in major infrastructure and urban development projects, aligning with its Vision 2030 goals.
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