Saudi Arabia Signs Agreements with China and Korea to Develop 24,000 Homes

Saudi Arabia

SAUDI ARABIA: Saudi Arabia National Housing Co. (NHC) signed agreements to develop more than 24,000 homes as part of a 100,000-home Saudi-Chinese plan to expand residential supply. The deals were finalized during an Asian tour by Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail, who visited China and South Korea to strengthen partnerships in housing, infrastructure, and smart cities. “Al-Hogail emphasized that the tour is part of a comprehensive approach to enhance cooperation with international partners in housing, infrastructure, and real estate technologies,” the Saudi Press Agency reported. 

The projects are part of broader efforts to raise homeownership rates to 70 percent by 2030, following a 65.4 percent rate in 2024. During his visit, Al-Hogail met with developers and technology firms in China and discussed smart city initiatives with South Korean ministers. Agreements included a memorandum of understanding between NHC and GS E&C for a residential project in Al-Fursan, east of Riyadh, and discussions with NAVER on the second phase of the Baladi digital twin project. The partnerships aim to accelerate development, reduce construction costs, stabilize housing prices, expand residential options, and attract investment to the housing sector. 

Source: Arab News