He further outlined his goal of achieving an annual production capacity of about 30,000 MiC units as early as 2027.

Kwong said that during a visit to the country before the investment, Saudi authorities expressed significant interest in the technology and connected the firm with various potential partners.

“The kingdom is very keen on our MiC technology,” he said.

Kwong said the country’s rapid growth had led to a surge in housing demand, creating a need for faster construction methods such as MiC to address the shortage.

“Beyond residential projects, I believe they will adopt MiC for various structures, including schools,” he said, adding that the technology was already widely used for commercial buildings such as hotels.

While he anticipated certain challenges, Kwong noted that every country had its own specific building codes and regulations that had to be navigated.

In the Middle East, thermal insulation requirements were typically much higher, requiring meticulous attention to design, he said.

Despite the technical hurdles, Kwong expressed optimism about the region and said he expected Saudi Arabia’s 2030 plan to continue driving demand and creating diverse opportunities across different sectors.

He offered advice to Hong Kong entrepreneurs looking to enter the Saudi market, noting that they would need to adapt their fast-paced business culture to the relatively slower, more relaxed working style in the kingdom.

In a separate interview with the Post, Mohammad Albuty, CEO of the National Housing Company, a Saudi state-owned firm managing 39 projects across 17 cities, said the company was looking for different building technologies through global partnerships in Europe, South Korea and mainland China.

“We always explore construction methods that prioritise quality, cost efficiency and safety,” he said.

He added that new construction methods, such as MiC, were helping to move the local building industry towards a more industrialised and manufacturing-based approach.