By South China Morning Post | Created at 2024-11-19 05:59:40 | Updated at 2024-11-22 03:39:15
2 days ago
One of China’s largest state-owned real estate developers is teaming up with companies in Saudi Arabia to launch a large residential property project in Riyadh, expanding its footprint in the Middle East amid a slumping market at home.
Citic Construction launched the Tilal Khuzam project, located near King Khalid International Airport, with the Saudi National Housing Company (NHC) and Rafal Real Estate during the Cityscape Global exhibition in the Saudi capital last week.
The project, also called Khuzam Hills, comprises several phases, the first of which is scheduled for completion in 2026, according to Rafal’s website. A total of 3,500 low-rise apartments will be available in a site that covers 630,000 square metres (6.8 million sq ft).
Guided by the Saudi Vision 2030 programme promulgated in 2019 by Crown Prince Mohammed bin Salman, the kingdom is sprucing up its infrastructure to attract global talent to help transform and diversify its oil-dependent economy. Saudi Arabia launched its housing programme in 2018, becoming the first country globally to set home ownership goals at the national strategic level.
As part of that effort, it is deepening ties with mainland China. Saudi Arabia established the NHC and the Real Estate Production General Authority (REGA) under the Ministry of Housing and Urban-Rural Affairs to facilitate the implementation of the housing programme, with a cumulative supply of around 300,000 homes by 2030 and a home ownership rate of 70 per cent.
Rafal, established in 2007, owns about 10 real estate projects comprising residential towers, villas and villa-offices.
