Saudi Arabia, China sign MoU to build 100,000 housing units in Al-Ahsa

Saudi Arabia’s Minister of Housing Majed Al-Huqail has signed a memorandum of understanding with Chinese Deputy Minister of Trade Qian Keming in the field of housing.

The MoU was signed on the sidelines of the visit of Deputy Crown Prince Mohammed Bin Salman, Second Deputy Premier and Minister of Defense.

Al-Huqail also signed a memorandum of cooperation between the ministry and Ningxia Region in China to develop Al-Asfar outskirts in Al-Ahsa Province and build 100,000 housing units.

In a press statement, the minister of housing stressed that these memoranda seek to achieve the Housing Ministry’s strategic aim in stimulating the real estate development and raising productivity.

Deputy Crown Prince met at his place of stay Deputy Chairman of Chinese Investment Authority “Capital” Jo Yemin and a number of officials of the authority.

Prince Mohammed also met officials of Chinese banks, including Bank of China, Bank of China for Telecommunications and Asian Infrastructure Investment Bank.

This article first appeared in the Saudi Gazette on Aug. 31, 2016.