Riyadh - Sharikat Mubasher: Saudi Arabia’s leading real estate developer National Housing Company (NHC) concluded a deal worth SAR 3 billion with China’s CITIC Construction Group to establish industrial city and logistics zones in the Kingdom.

In his speech at the Real Estate Supply Chain Forum 2024, NHC’s CEO Mohammad Albuty revealed that the project will encompass 20 factories to meet the needs of NHC’s projects for building materials.

This agreement will effectively contribute to upgrading the quality of NHC’s projects, enhance local production, and create around 10,000 direct and indirect jobs, Albuty noted.

He added that the planned industrial city is forecasted to maximize the economic and developmental impact of the real estate sector by around SAR 33 billion.

This agreement came as part of NHC’s efforts to secure supply chains for its housing projects.

Leveraging Chinese expertise, the project aims to attract prime service providers across various sectors of the NHC, its subsidiaries, and other projects.

The Real Estate Supply Chain Forum 2024 took place in Riyadh on 20 and 21 May, gathering several local and international companies, consultants, contractors, and manufacturers to explore promising cooperation opportunities and discover various future projects and ambitious strategies.