Municipalities Minister Majed Al-Hogail Launches Asian Tour To Strengthen Real Estate And Smart City Partnerships

Minister of Municipalities and Housing Majed Al-Hogail is set to embark on an Asian tour, visiting China and South Korea. The trip aims to strengthen international partnerships in housing, urban technologies, and smart cities. This aligns with Saudi Vision 2030's objectives to create a cohesive urban environment and improve life quality in Saudi cities.

The minister will begin his journey in Beijing, where he plans to engage in extensive discussions with officials and partners involved in urban development and industrial construction. The agenda includes signing agreements to deliver 100,000 housing units by 2030. These efforts aim to ensure supply sustainability and offer diverse housing solutions for Saudi citizens.

Following the visit to China, Al-Hogail will proceed to Seoul. There, he will explore opportunities to enhance cooperation in smart city development, urban facility management, and digital transformation within housing services. New agreements are expected with prominent Korean firms specializing in urban technologies and smart construction.

In South Korea, Al-Hogail intends to highlight past collaborations between Saudi Arabia and Korea in real estate and technology sectors. A notable example is the strategic agreement between the National Housing Company (NHC) and NAVER Corporation. This agreement was signed under his patronage last November during Cityscape Global in Riyadh, valued at over SAR2 billion.

The partnership with NAVER Corporation focuses on developing innovative digital solutions using artificial intelligence, digital twin technology, and cloud computing. These advancements aim to boost efficiency and transparency across the real estate and municipal sectors.

Advancing Saudi Arabia’s Urban Goals

This tour marks a significant step toward establishing Saudi Arabia as a regional leader in modern urban development. It aims to increase the homeownership rate to 70% by 2030 while promoting a sustainable real estate balance through diversified partnerships, technology transfer, and industry localization.

These initiatives support national economic growth and enhance citizen well-being by fostering an integrated approach to urban development. The focus remains on creating a sustainable environment that aligns with the broader goals of Saudi Vision 2030.

With inputs from SPA