Saudi Arabia inks 24k-home deal with China, Korea to boost housing ties

23/10/2025 05:20 AST

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 Abdu
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.

Arab News