Arab News Headlines

Housing Minister Attends Signing of 5 MoUs at Real Estate Supply Chain Forum 2024

Riyadh: Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, has overseen the signing of five memoranda of understanding (MoUs) by the National Housing Company (NHC) with its partners to support and secure supply chains in the real estate development system. This signing or agreement took place on the sidelines of the Real Estate Supply Chains Forum 2024.

The memoranda signed by the National Housing Company included agreements with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to create an industrial city, the Watad platform to create a virtual park, Masdar Company to provide equipment and building materials, Albawardi Company to supply steel industries, and the PENNY platform to offer automation and artificial intelligence solutions.

These MOUs will be implemented in partnership with the Chinese CITIC Group, effectively serving the real estate development system by improving project quality, enhancing local products, and creating 10,000 job opportuniti
es, thereby maximizing the Kingdom’s economic and development impact.

The memoranda stems from the NHC’s efforts to find smart solutions that contribute to securing supply chains and developing the sector. These goals will be achieved by raising the level of business and attracting investments from the best service providers for the company’s various sectors and subsidiaries and other projects in accordance with the highest international standards as per Vision 2030.

NHC is the leader and enabler of the real estate development sector and the largest major developer of suburbs and urban communities in the Kingdom, characterized by quality of life. It aims to deliver over 300,000 housing units by the end of 2025 in nine suburbs and six residential communities, covering an area exceeding 100 million square meters with a capacity to accommodate over 1.5 million citizens.

NHC seeks to find solutions to secure supply chains with high-quality and more sustainable construction materials within the framework of its
commitment to increase real estate supply with residential options according to international standards to achieve the goals of the Kingdom’s Vision 2030 by raising the percentage of residential ownership for Saudi families to 70%.

Source: Saudi Press Agency