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More details about Chinese Citic’s industrial project in Saudi: Over SAR 3 bn in initial investments will be poured to build an upcoming industrial city and logistics zone for building materials under a partnership agreement between the National Housing Company (NHC) and Chinese state-owned conglomerate Citic, NHC CEO Mohammad Albuty told Al Arabiya (watch, runtime: 10:10).
The project will be home to 12 Chinese factories and a number of local factories. “This will help localize the [building materials] industry and supply for [ongoing] projects by the NHC,” Albaty said. The Housing Ministry’s real estate investment arm NHC plans to “expand further in the field” to ensure a fast delivery of projects, Albaty said.
Think localization of the whole construction supply chain: Albaty said the NHC is seeking the localization of the construction supply chain at its planned ambitious project with Citic. “It will cover all of the construction supply chain starting with precast concrete plants to the production of different materials that are used in building residential units. All of these factories will be localized in Saudi…with partnerships planned with local factories to boost their production and customize production lines solely for NHC projects and its developer partners,” he said.
Background: The NHC signed recently a cooperation agreement with China’s Citic to establish an industrial city and logistics zones for building materials. The move comes under a localization drive for the local building materials sector by helping local firms expand and directly supply real estate projects, according to officials. It will also help raise the quality of offered finished units in projects.
