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Saudi Arabia signs Memorandum of Understanding with China

Saudi Arabia - August 31, 2016
وزارة الاسكان

The housing ministry “Majed Elhokel” signed yesterday a memorandum of understanding with “chian keh ming”, the vice minister of the ministry of commerce, to start a cooperation between the Chinese government and Saudi Arabian government in the housing field.

The memonrandum includes exchanging administrative and technical experiences in addition to optimizing all means of executing the residential and infrastructure projects in the both countries.

Also, he signed a memorandum of understanding to set a strong relationship between the housing ministry and Ningxia region government in China to develop El-Asfar suburb which is located in Al-Ehsaa governorate and establish 100000 residential units with various options and integrated service facilities.

The minister explained that the memorandum stands as an extension to the past agreements with the international and national real estate development companies with high efficiency in this sector. All of that to achieve the strategic goal of the ministry which is based on stimulating the real estate supply and raising productivity to provide residential projects with suitable prices and high quality.

It is worth mentioning that El-Asfar suburb is located in the east of Al-Ehsaa in the Eastern Region on an area of 54 million sq.m, and it will comprise 100000 residential includes a collection of villas and high-quality apartments. This step comes in line with the Saudi Arabia vision 2030.

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