Saudi Arabia signs $507M smart-city deals with Huawei, ByteDance, Lenovo
During a recent trip to China, Saudi Arabia's housing minister finalized housing and construction contracts valued at 1.9 billion riyals (US$507 million) with Chinese firms, including China State Construction Engineering. This marks a significant step in the collaboration between Riyadh and Beijing on urban development initiatives. At a signing event on Monday night in Shenzhen, Minister of Municipalities and Housing Majid Al-Hogail emphasized that Saudi Arabia is fast-tracking its housing and urban development efforts as part of its Vision 2030 plan. He noted that partnerships with Chinese companies are essential for the kingdom's economic transformation, aimed at diversifying away from oil. Additionally, Saudi officials are increasingly engaging with Chinese tech firms for future city planning and management. Mohammad Albuty, CEO of the National Housing Company, highlighted the expansion of cooperation into smart-city technologies and digital services. The kingdom has also partnered with tech giants like ByteDance, Huawei, and Lenovo to enhance urban efficiency.
Key facts
- Saudi Arabia signed housing and construction agreements worth 1.9 billion riyals (US$507 million) with Chinese partners.
- China State Construction Engineering is among the Chinese partners.
- The agreements were signed during a visit to China by Saudi housing minister Majid Al-Hogail.
- The signing ceremony took place on Monday evening in Shenzhen.
- Majid Al-Hogail said Saudi Arabia was accelerating housing and urban-development projects under Vision 2030.
- Cooperation with Chinese companies is expected to support Saudi Arabia's economic transformation plan to reduce oil dependence.
- Saudi Arabia is expanding cooperation with Chinese tech firms for smart-city technologies, city management, and digital services.
- Cooperation agreements have been signed with ByteDance, Huawei, and Lenovo.
- Mohammad Albuty, CEO of National Housing Company (NHC), stated the partnership is expanding into smart-city technologies.
- NHC is Saudi Arabia's largest property developer and the investment arm of the housing ministry.
Entities
Institutions
- China State Construction Engineering
- Ministry of Municipalities and Housing (Saudi Arabia)
- National Housing Company (NHC)
- ByteDance
- Huawei
- Lenovo
Locations
- Saudi Arabia
- China
- Shenzhen
- Riyadh
- Beijing