Saudi and China sign MoU to build 100,000 units

The MoU was signed between Saudi’s Minister of Housing, Majed Al-Huqail, and Chinese Deputy Minister of Trade, Qian Keming, after the visit of Deputy Crown Prince Muhammad Bin Salman

Image courtesy: <i>Saudi Gazette</i>
Image courtesy: <i>Saudi Gazette</i>

Saudi Arabia and China signed a memorandum of understanding (MoU) to build 100,000 residential units in Al-Ahsa, Saudi Press Agency reported.

The MoU was signed by Saudi’s Minister of Housing, Majed Al-Huqail, and Chinese Deputy Minister of Trade, Qian Keming, after the visit of Deputy Crown Prince Muhammad Bin Salman.

Al-Huqail also signed a memorandum of cooperation between the ministry and China’s Ningxia region to develop Al-Asfar outskirts in Al-Ahsa province in Saudi Arabia.

In a press statement, Al-Huqail said that these memoranda seek to achieve the Housing Ministry's strategic aim in stimulating the real estate supply and raising productivity.

During his visit, Prince Muhammad also met officials of Chinese banks, including Bank of China, Bank of China for Telecommunications, and Asian Infrastructure Investment Bank.

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