During the meeting held in Beijing, Saudi Arabia and China have solidified their economic ties by signing investment agreements amounting to 5 billion riyals ($1.3 billion). The agreements were signed on the sidelines of the event, underscoring the nations' commitment to enhancing bilateral cooperation. The Kingdom's residential real estate market is experiencing a surge in activity, aligning with Vision 2030's goal of achieving a 70% home ownership rate among Saudis. This momentum is also driven by the ambition to position Riyadh as one of the world's top 10 largest economies.
12 agreements have been inked between Saudi Arabia and China, reflecting deepening cooperation in the realms of infrastructure and financing. Notably, these agreements encompass 5 housing-related deals, amounting to an investment of 5 billion riyals. This endeavor is anticipated to involve partnerships with housing developers and contractors, along with the establishment of modern building technology factories, projecting a substantial investment value surpassing 10.5 billion riyals ($2.8 billion).
In the past year, trade between China and Arab countries surged by 30% to $421 billion, with Saudi Arabia contributing significantly at 25%, totaling $106 billion in 2022. Amidst this, Saudi Arabia is a hub of investment, boasting a favorable environment that spurs growth. Notably, over 300,000 housing units are being constructed across 17 cities, spanning 150 million square meters, showcasing an investment exceeding 100 billion riyals. Minister Al-Hogail urged Chinese firms to seize real estate development opportunities in the Kingdom.