Riyadh: Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al-Hogail today inaugurated the National Housing Company’s (NHC) Real Estate Supply Chain Forum 2024, attended by numerous officials from the public and private sectors, along with representatives from local and international companies.
The two-day forum is part of the NHC’s efforts to contribute to the objectives of the Housing Program, one of the initiatives of Saudi Vision 2030. The forum focuses on finding innovative solutions to secure supply chains by forming partnerships with leading global companies and attracting international investments in the real estate sector. It also aims to implement integrated urban projects according to the highest standards and enhance national transformation in the construction and building sector.
The forum is expected to witness the signing of 77 agreements, including six memoranda of understanding, 20 agreements for companies interested in investing in industrial zones, and 23 agreements fo
r open purchase options offered by the NHC to developers and contractors to benefit from industrial areas. Additionally, 28 deals have been made by developers and contractors through the Mawad Platform for purchasing building materials from industrial zones.
During the forum’s opening ceremony, NHC CEO Mohammed Al-Buty noted that the company plays a strategic role in achieving the objectives of the Housing Program. The company has created qualitative and proactive solutions to secure supply chains and support local content through various programs, such as the Mawad Platform, which has facilitated transactions worth SAR 2 billion. Since its launch, the platform has seen 140 agreements with more than 90 local manufacturers and suppliers, helping developers and contractors save over 20%. The company has achieved a 54% utilization rate of local content in its projects and has signed contracts with more than 2,000 local entities through the Rakaez program, launched by the NHC earlier this year.
Al-Buty highligh
ted the partnership with the Chinese CITIC Group to establish an industrial city and logistics areas, valued at over SAR 3 billion. This partnership is expected to improve the quality of projects, enhance local production, and create around 10,000 direct and indirect jobs. The industrial city is projected to significantly impact the economic and development aspects of the real estate sector, with a value of up to SAR 33 billion.
Source: Saudi Press Agency