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- Business forum planned to attract top Chinese companies interested in investing in Saudi Arabia
RIYADH: Aimed at strengthening bilateral ties in the fields of housing and civic infrastructure, Saudi Arabia’s housing minister began a four-day visit to China to hold meetings with top officials, construction companies, and financiers.
Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail arrived in Beijing on Sunday and will explore exchanging experiences and expertise regarding infrastructure, urban development, real estate development, and finance, the Saudi Press Agency reported.
During the visit, Al-Hogail is also set to patronize the Saudi-Chinese Business Forum, scheduled on the last day of the visit. The event aims at attracting top Chinese companies to invest in Saudi Arabia while cementing the two countries’ partnerships.
The forum will review the investment opportunities and advantages Saudi Arabia offers in infrastructure and housing. It will be attended by Saudi officials and investors, along with representatives of Chinese companies.
HIGHLIGHT
Minister will explore exchanging experiences and expertise regarding infrastructure, urban development, real estate development, and finance.
As scheduled, the Saudi minister will meet with top executives of Chinese companies, including CITIC Group, CITIC Construction, and China Insurance Co. He will also hold meetings with several senior officials of Chinese banks, such as Asia Infrastructure Investment Bank, Bank of China, Export-Import Bank of China, and China Development Bank.
Al-Hogail will discuss ways to increase collaboration with Chinese firms for infrastructure development and housing projects.
Moreover, he will also visit the Beijing development exhibition to learn about Chinese experiences in urban development.
It is noteworthy that Saudi Arabia and China sealed 35 investment agreements worth around $30 billion during the visit of Chinese President Xi Jinping to the Kingdom last December. Among these was an action plan to activate the housing memorandum of cooperation provisions, penned by Al-Hogail and Wang Wentao, China’s commerce minister.
Last month, Al-Hogail visited Turkiye, where he attended the launch of the Saudi-Turkish Business Forum in Istanbul. He also met with several Turkish officials, businesspeople, and investors.
The visit to Turkiye also sought to enhance cooperation opportunities with Turkish companies in urban and real estate development, construction, contracting, and smart cities.