The Minister of Municipal, Rural Affairs, and Housing Majid Bin Abdullah Al-Hogail convened Monday in Beijing with key leaders from Chinese housing infrastructure companies. This meeting is part of his official visit to China, aimed at fostering collaboration prospects in infrastructure, urban development, housing, real estate development, and financing. The session was attended by the presence of the Kingdom's ambassador to China, Abdulrahman Bin Ahmed Al-Harbi. During his meeting with " SITEC Group and SITEC Construction", Al-Hogail deliberated over plans to establish and construct an industrial complex in accordance with the highest pre-casting technology standards. This complex will encompass finishing materials and an operational model for industrial zones, thus augmenting production capacity and enabling the delivery of 5,000 units annually. The minister explored cooperative avenues in eco-friendly and sustainable housing technology. He commended the endeavors of the "SITEC" company in introducing and integrating advanced technologies to advance construction within the Kingdom. Furthermore, Al-Hogail delved into the latest advancements concerning the cooperative financing framework for the project to deliver 20,000 housing units. Al-Hogail also held discussions with the China Export and Credit Insurance Corporation for Projects, focusing on the Kingdom's strategies to develop housing infrastructure, including utilities and public roadways. Additionally, he introduced a comprehensive financial system designed to support the housing sector. The conversation also encompassed accomplishments in terms of homeownership and mortgage financing, as well as financing programs, construction technologies, sustainability, and housing projects. Further, he convened with leaders of the Asian Infrastructure Investment Bank (AIIB), exploring avenues for cooperation and engaging in conversations about the proposed financing structure for housing projects. — SPA
