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POWERCHINA signs affordable housing deal with Saudi Arabia

Updated: 2019-10-08

Power Construction Corporation of China – POWERCHINA – was celebrating as the signing ceremony for the third phase of a giant affordable housing project for Saudi Arabia's ministry of housing was signed in Riyadh, capital of the Kingdom of Saudi Arabia, on Sept 30, officials said.

Chen Weiqing, ambassador of the People's Republic of China to the Kingdom of Saudi Arabia and Majed bin Abdullah Al-Hogail, Saudi Arabia's minister of housing, witnessed the signing of the agreement.

POWERCHINA won the bidding for the project. The project is one part of a Saudi huge program under the framework of "2030 Vision".

The number of people in Saudi Arabia below 35 years old account for 70 percent of the total population, but only 47 percent of the population owns houses.

In response, the Saudi government has made great efforts to promote the construction of affordable houses, with the goal to reach 70 percent home ownership by 2030.

Officials said that as one of the initiatives under the Belt and Road Initiative, the affordable houses supplied by POWERCHINA will meet the needs of nearly 4,000 families in local areas.

A total of 3,753 villas will be built in four provinces in the third phase of the affordable house project. Officials said the project will help improve the employment rate and promote social and economic development in Saudi Arabia.

POWERCHINA has been in the Saudi Arabian market since 2007 and undertaken 22 projects in the construction of houses, power stations and airport pavements.

POWERCHINA signs affordable housing deal with Saudi Arabia

The signing ceremony for the third phase of the affordable housing project of Saudi Arabia's ministry of housing is signed in Riyadh, capital of the Kingdom of Saudi Arabia, on Sept 30. [Photo/POWERCHINA]