The Saudi National Housing Company (NHC) has announced in a statement that it signed an agreement with China State Construction Engineering Corporation (CSCEC) to construct housing units in NHC’s suburbs and communities throughout various regions of the Kingdom, Invest-Gate reports.

The National Housing Company explained that this partnership is part of its ongoing efforts to collaborate with major international contracting companies on high-quality projects. The objective is to build 20,000 housing units of different sizes, incorporating a range of health, educational, and commercial facilities, as well as public service areas, to provide an integrated quality of life.

This partnership aims to augment the real estate supply and increase the number of housing units by engaging in qualitative investments with prominent international companies.

The goal is to develop premium housing projects across different regions of the Kingdom, with the aim of achieving a target of more than 300,000 housing units valued at SAR 250 bn by 2025. These units will be available for all segments of society, as stated in the announcement.

CSCEC operates in over 100 countries and regions worldwide and is involved in real estate investment, housing, infrastructure, as well as surveying and design work.

According to CSCEC, the company has constructed more than 90% of skyscrapers exceeding 300 m in height in China, three-quarters of major airports, and a third of urban utility tunnels.

Furthermore, approximately one out of every 25 Chinese individuals resides in a house built by CSCEC.