Mar 16, SANY and Alameriah Investment signed MOU to build 5,000 to 50,000 houses in Saudi Arabia from 2017 onward. This was part of the US$65 billion deals reached during the visit of King Salman of Saudi Arabia to China.
According to the MOU, SANY and Alameriah Investment will conduct the development, engineering, construction and testing of the housing projects together. At the meeting next day, both companies expressed their high expectation of the upcoming projects.
SANY has made remarkable progress in the construction industry. At present, it has owned 71 production lines of precast concrete in China with the market share exceeding 40%. SANY has become the largest supplier of PC equipment in China for three years in a row and the only EPC provider in the industry. In South Africa and Malaysia, SANY PC housing projects are also developing in full swing.
Saudi Arabia is a key market to SANY. Since 2011, SANY has been a leading company of cranes for six consecutive years, and its reach stackers and container handlers are on the rise in the Saudia Arabian market. With the cooperation between Saudi Arabia's 2030 Vision and China’s “One Belt, One Road”, SANY is expected to embrace enormous opportunities in the Middle East.
