Saudi Arabia signs $1.3 bln investment deals with China

Tech/AIMENA NewsNews
By Nada Ali
Saudi Crown Prince Mohammed bin Salman, right, welcomes Chinese President Xi Jinping to the palace in Riyadh, on Dec. 8, 2022. - Bandar Al-Jaloud/AFP via Getty Images

Saudi Arabia signed on Thursday investment agreements with China worth $1.3 billion on the sidelines of the Saudi-China Business Forum in Beijing, according to Minister of Municipal, Rural Affairs and Housing Majid bin Al-Hogail.

Unspecified Saudi and Chinese entities signed 12 agreements focused on investment opportunities related to urban infrastructure, housing, real estate development and financing, and Hogail invited Chinese firms to invest in the kingdom’s real estate sector.

Hogail met with representatives of the Chinese state-owned investment conglomerate CITIC in Beijing and they discussed construction in Saudi Arabia and “green housing technology,” according to a statement.

At the end of last year, the ministry announced the intention of a Chinese giant real estate alliance to develop 1001,000 housing units in the Kingdom, with total investment value is expected to reach more than $2.8 billion.

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