Housing Minister Oversees Signing Of Key MoUs At Real Estate Supply Chain Forum

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. These agreements aim to support and secure supply chains in the real estate development system. The signing took place during the Real Estate Supply Chains Forum 2024.

The MoUs include agreements with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to create an industrial city, the Watad platform to establish 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 agreements will be implemented in partnership with the Chinese CITIC Group. The collaboration aims to improve project quality, enhance local products, and create 10,000 job opportunities. This initiative is expected to maximize the Kingdom's economic and development impact.

The memoranda align with NHC's efforts to find smart solutions that contribute to securing supply chains and developing the sector. The goals include raising business standards and attracting investments from top service providers for various sectors and projects. These efforts are in accordance with Vision 2030.

NHC is a leader in real estate development and is the largest major developer of suburbs and urban communities in Saudi Arabia. The company aims to deliver over 300,000 housing units by the end of 2025 across nine suburbs and six residential communities. These projects cover an area exceeding 100 million square meters, accommodating over 1.5 million citizens.

NHC seeks solutions to secure supply chains with high-quality and sustainable construction materials. This commitment aligns with increasing real estate supply with residential options that meet international standards. The ultimate goal is to achieve Vision 2030's target of raising residential ownership for Saudi families to 70%.

With inputs from SPA