(Agreement value corrected in the headline and first paragraph) 

Saudi Arabia’s National Housing Company (NHC) has signed a 3 billion Saudi riyals ($800 million) agreement with China's CITIC Group to establish a dedicated industrial city and logistics hub for building materials, local Arabic language newspaper Al-Eqtisadiah reported on Monday.

The industrial city will encompass 20 factories specifically geared towards supplying materials for NHC’s projects, the newspaper said, quoting the company’s CEO Mohammed Albuty.

He said the NHC intends to deliver 300,000 housing units by 2025 with a total value of SAR225 billion ($60 billion) in partnership with 90 local and international real estate developers.

NHC is the investment arm of the Saudi Ministry of Municipal and Rural Affairs and Housing focusing on developing the Kingdom’s residential real estate sector.

(Writing by Majda Muhsen; Editing by Anoop Menon)


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