Arab News
Arab news, Thu, Oct 23, 2025 | Jumada al-Awwal 1, 1447
Saudi Arabia inks 24k-home deal with China, Korea to boost housing ties
Saudi Arabia:
Saudi Arabia’s National Housing Co. signed a
series of agreements to develop more than 24,000 housing units as part of a
100,000-home Saudi-Chinese plan aimed at expanding residential supply.
The deals were finalized during an Asian tour by
Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail, who visited
China and South Korea to strengthen partnerships in housing, infrastructure, and
smart cities, the Saudi Press Agency reported.
The agreements mark a new phase of collaboration
between Saudi and Chinese developers under the 2030 framework, with a focus on
modern construction technologies to speed up delivery and improve quality.
The projects fall within broader efforts to lift
homeownership rates to 70 percent by 2030. The Kingdom reached 65.4 percent in
2024, surpassing its 2025 target a year early.
“Al-Hogail emphasized that the tour is part of a
comprehensive approach to enhance cooperation with international partners in
housing, infrastructure, and real estate technologies,” the SPA report stated.
He added that the initiative aims to improve
execution efficiency, enhance citizens’ homeownership experience, and foster
partnerships that support real estate balance and sustainable urban
development.
Al-Hogail’s visit to China included meetings with
major developers and technology firms, while the South Korea leg focused on
advancing smart city initiatives.
In South Korea, he met with Minister of Land,
Infrastructure and Transport Kim Yun-duk and Minister of Science and ICT Bae
Kyunghoon to explore ways to develop housing and infrastructure systems and
deploy advanced technologies for smart city projects.
The Saudi minister also held talks with leaders of
NAVER on the second phase of the Baladi digital twin project and witnessed the
signing of a memorandum of understanding between NHC and GS E&C to develop a
specialized residential project within the Al-Fursan destination east of
Riyadh.
The ministry said the Asian tour set the stage for
developing smarter and more sustainable Saudi cities by introducing advanced
technologies and global models in urban planning and housing.
The new partnerships are expected to speed up
development, reduce construction costs, stabilize housing prices, expand
residential choices, and attract both local and foreign investment to boost the
sector’s competitiveness.