Saudi Arabia to launch e-platform to boost efficiency of real estate developers

Saudi Arabia to launch e-platform to boost efficiency of real estate developers
The deal seeks to empower Saudi companies to contribute to the localization of the contracting sector (Shutterstock)
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Updated 24 May 2023
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Saudi Arabia to launch e-platform to boost efficiency of real estate developers

Saudi Arabia to launch e-platform to boost efficiency of real estate developers

RIYADH: Saudi Arabia’s construction sector is set to become more efficient with the launch of an electronic platform that will help streamline real estate development through various services.

The National Housing Co. and the Saudi Contractors Authority signed a memorandum of understanding during the Future Projects Forum in Riyadh to develop the platform to enhance cooperation to ensure the development of both entities and raise the sector’s level of efficiency.

Under the agreement, both parties will organize joint workshops to identify areas of cooperation to ensure high-quality service.

The deal seeks to empower Saudi companies to contribute to the localization of the contracting sector and enable small and medium enterprises to find solutions to overcome challenges faced by the real estate market.  

In January, Majid Al-Hogail, the Saudi minister of housing and municipal and rural affairs, also launched NHC’s online platform to connect contractors and real estate developers with government-approved suppliers of building materials.  

The platform provides low-cost access to different building materials with the goal of enhancing production efficiency, lowering the cost of housing units, and promoting house ownership.

In September last year, the company signed nine agreements worth SR2 billion ($533 million) with several national strategic partners to provide project management, engineering supervision, design work implementation, construction, and evaluation services.  

The agreements aimed at ensuring effective monitoring of the sector by establishing quality control guidelines.  

The NHC was established in 2016 as the investment division of the initiatives and programs in the residential, commercial, and real estate sectors of the Ministry of Municipal and Rural Affairs and Housing.  

In line with Vision 2030’s goal of raising Saudi family homeownership to 70 percent, it aspires to boost the real estate supply with a variety of housing options.