Saudi Arabia and China announce large-scale housing development
We are used to seeing Chinese companies deliver massive infrastructure projects, particularly in the third world, but far less is reported about their abilities to provide new homes outside of their own country, but all that is changing with news that the housing market in Saudi Arabia is about to experience a significant boost.
A recent agreement between the Saudi National Housing Company (NHC) and two major Chinese construction companies - China State Construction Engineering Corporation (CSCEC) and China Machinery Engineering Corporation (CMEC), is set to deliver a staggering 40,000 new housing units across various regions of the Kingdom, a move which highlights China’s growing impact on the world’s construction markets.
The agreement focusses on the Saudi government's commitment to increasing the real estate supply and meeting the housing needs of its citizens. NHC's ambitious target of delivering over 300,000 housing units by 2025, valued at over a quarter of a trillion riyals, is a testament to this commitment. These units are designed to cater to all segments of society, ensuring wider accessibility and affordability. Click the link to read more:
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