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  • Ahmed Saleh

Minister of Municipal Affairs and Housing meets in Beijing

Beijing, August 15, 2023, In a significant development, the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, held a crucial meeting today in the bustling city of Beijing, located in the People's Republic of China. The esteemed gathering saw the participation of numerous prominent heads of Chinese banks, underscoring the importance of the occasion. A meeting was held with the purpose of exploring investment and development prospects in infrastructure projects within the municipal and housing sectors in cities across Saudi Arabia. In a high-level meeting, Al-Hogail, the prominent figure, actively participated in engaging discussions with the heads of the Export-Import Bank of China (Exim Bank), the China Development Bank, and the Industrial and Commercial Bank of China Limited. In a concerted effort to address the housing crisis, Saudi Arabia has set its sights on an ambitious plan to revamp its housing sector. With a keen focus on providing housing schemes and enhancing the overall quality of residential properties, the kingdom aims to tackle the pressing issue head-on. In addition, the team extensively discussed crucial elements, including the development of master plans for cutting-edge technologies and the long-term sustainability of the project. In a comprehensive strategy, the plans also include the implementation of financing and refinancing programs offered by banks, aimed at streamlining the process of housing development. In a proactive approach, Al-Hogail has been diligently exploring avenues for joint cooperation and engaging in collaborative efforts to devise diverse financing models for infrastructure projects within the Kingdom of Saudi Arabia. In a recent statement, he conveyed his aspirations to embark on a journey of exploration and expansion, aiming to forge fresh opportunities and pathways for investment between Saudi Arabia and China. His primary objective is to foster robust alliances with Chinese financial institutions and corporations that possess expertise in the realms of urban infrastructure development, housing, and financing. In a notable development, Al-Hogail has taken charge of the Saudi-Chinese Business Forum sponsorship. A highly anticipated event is scheduled to commence in Beijing on Wednesday, drawing attention from various stakeholders. Notable attendees include officials from the ministry, Saudi investors, Chinese companies, and prominent businessmen. The forum has been specifically created to assess and evaluate the various investment prospects and benefits offered by the Kingdom of Saudi Arabia, with a particular focus on the domains of infrastructure and housing. In a bid to bolster economic ties and forge robust alliances, the primary objective is to entice top-tier Chinese enterprises for investment while simultaneously cultivating more formidable partnerships between the two nations.

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