Ministry of Housing signs MoU with Chinese firms on SAR 10.5 bln investments

Logo of the Ministry of Municipal, Rural Affairs and Housing

The Ministry of Municipal, Rural Affairs and Housing signed a memorandum of understanding (MoU) with the Metallurgical Corporation of China (MCC), Sinohydro-Sagarmatha Power Company (P) Ltd., China State Construction Engineering Corporation (CSCEC) and Overseas Development Co Ltd. on the sidelines of the Saudi-Chinese Summit.

The MoU aims to provide more than 100,000 residential units by creating partnerships with real estate developers and contractors, and building factories for modern methods of construction (MMC). The total investments are expected to surpass SAR 10.5 billion, SPA reported.

This agreement builds on the strategic partnership between the ministry and other regional and international authorities to share experience, increase real estate supply and enhance performance efficiency to raise home ownership to 70% among Saudi households.