Arab News, Tue, May 07, 2024 | Shawwal 28, 1445
Saudi Arabia’s NHC signs deal with Chinese company to boost building materials supply
Saudi Arabia:
Saudi Arabia’s building materials supply is set to get a boost with the signing
of a deal between the National Housing Co. and a leading Chinese construction
firm.
The agreement with China’s CITIC Construction
Group seeks to establish an industrial city and logistic zones for building
materials, comprising 12 factories, with the objective of securing supply chains
for the NHC’s housing projects.
NHC CEO Mohammad Albuty finalized the deal during
the official visit of Minister of Municipal and Rural Affairs and Housing Majid
Al-Hogail to China.
In a statement, the NHC said the agreement with
the Chinese construction group are part of its efforts to secure supply chains
for its housing projects and ensure their timely completion and high quality.
The Saudi company said the deal entails the
construction of 12 factories specializing in building materials, harnessing
Chinese expertise, and involving local factories to uplift business standards.
It added that the deal also aims to draw top-tier
service providers across various sectors of the company, its subsidiaries, and
other projects.
The company pointed out that the agreement is
expected to maximize the economic and developmental impact of the real estate
sector in the Kingdom, develop housing projects, enhance their quality, and
promote national transformation in the construction sector through these
industrial cities and logistic zones.
The statement also highlighted that this
collaboration will facilitate the expansion of small and medium factories in the
Kingdom, establish direct production lines for the company’s projects, and
foster the growth of the local industry. Additionally, it will create numerous
job opportunities in the sector.
The company said the agreement strengthen the
comprehensive strategic partnership between Saudi Arabia and China, established
during the Chinese president’s visit to the Kingdom in December 2022.