Saudi Arabia has signed 12 agreements with Chinese companies and banks for infrastructure development and financing worth over 5 billion Saudi riyals ($1.33 billion).

The agreements, signed at the Saudi-Chinese Business Forum in Beijing on 16 August, include five housing project deals, the Saudi Press Agency reported.

Saudi Arabia offers significant investment opportunities in the housing sector, Housing Minister Majid Al Hogail said at the forum.

The country is planning to construct over 300,000 residential units valued at SAR100 billion across 17 cities, he added.

The minister urged Chinese companies to invest in the Kingdom’s real estate sector, revealing the ministry is currently working with several Chinese firms on housing projects worth SAR3 billion.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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