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JEDDAH: ������Ƶ’s National Housing Co. signed a series of agreements to develop more than 24,000 housing units as part of a 100,000-home Saudi-Chinese plan aimed at expanding residential supply. 

The deals were finalized during an Asian tour by Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail, who visited China and South Korea to strengthen partnerships in housing, infrastructure, and smart cities, the Saudi Press Agency reported. 

The agreements mark a new phase of collaboration between Saudi and Chinese developers under the 2030 framework, with a focus on modern construction technologies to speed up delivery and improve quality. 

The projects fall within broader efforts to lift homeownership rates to 70 percent by 2030. The Kingdom reached 65.4 percent in 2024, surpassing its 2025 target a year early. 

“Al-Hogail emphasized that the tour is part of a comprehensive approach to enhance cooperation with international partners in housing, infrastructure, and real estate technologies,” the SPA report stated. 

He added that the initiative aims to improve execution efficiency, enhance citizens’ homeownership experience, and foster partnerships that support real estate balance and sustainable urban development. 

Al-Hogail’s visit to China included meetings with major developers and technology firms, while the South Korea leg focused on advancing smart city initiatives. 

In South Korea, he met with Minister of Land, Infrastructure and Transport Kim Yun-duk and Minister of Science and ICT Bae Kyunghoon to explore ways to develop housing and infrastructure systems and deploy advanced technologies for smart city projects. 

The Saudi minister also held talks with leaders of NAVER on the second phase of the Baladi digital twin project and witnessed the signing of a memorandum of understanding between NHC and GS E&C to develop a specialized residential project within the Al-Fursan destination east of Riyadh. 

The ministry said the Asian tour set the stage for developing smarter and more sustainable Saudi cities by introducing advanced technologies and global models in urban planning and housing. 

The new partnerships are expected to speed up development, reduce construction costs, stabilize housing prices, expand residential choices, and attract both local and foreign investment to boost the sector’s competitiveness.

RIYADH: ������Ƶ’s point-of-sale transactions remained above the $3 billion mark for the third consecutive week, underscoring the resilience of consumer activity even as overall spending moderated in mid-October. 

According to the latest data from the Saudi Central Bank, also known as SAMA, consumer spending stood at SR12.2 billion ($3.25 billion) during the week ending Oct. 18, reflecting a 9 percent decline from SR13.4 billion a week earlier. 

The total number of transactions also eased 6.1 percent to 222.7 million, compared with 237.2 million in the prior seven-day period. 

Data revealed declines across most spending categories, led by education, which saw the steepest fall — a 31.2 percent drop in value, reflecting a slowdown after earlier back-to-school spending peaks. Recreation and culture followed, with a 14.6 percent decrease. 

Spending on restaurants and cafes dropped 9.3 percent to SR1.52 billion, while food and beverages fell 6.8 percent to SR1.92 billion. Purchases of apparel and accessories decreased 9 percent to SR880.53 million, and construction and building materials slipped 5.6 percent to SR395.63 million. 

The health sector also cooled, declining 7.5 percent to SR818.67 million, while professional and business services dropped 12 percent to SR671.24 million. 

The Kingdom’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 7.8 percent drop to SR4.38 billion, down from SR4.76 billion the previous week. The number of transactions in the capital fell to 74.3 million. 

In Jeddah, transaction values decreased 8 percent to SR1.69 billion, while Dammam reported a 7.9 percent contraction to SR619.68 million. Other cities, such as Makkah and Madinah, also recorded notable declines in consumer spending, down 7.8 percent and 7.9 percent, respectively. Tabuk followed with an 11.5 percent decline. 

POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in ������Ƶ. 

The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives. 

The growth of digital payment technologies aligns with ������Ƶ’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.