Housing Minister Launches Real Estate Supply Chain Forum To Support Saudi Vision 2030

Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al-Hogail inaugurated the National Housing Company's (NHC) Real Estate Supply Chain Forum 2024 today. The event, attended by numerous officials from both public and private sectors, as well as representatives from local and international companies, is part of the NHC's efforts to contribute to the objectives of the Housing Program under Saudi Vision 2030.

The two-day forum aims to find innovative solutions to secure supply chains by forming partnerships with leading global companies and attracting international investments in the real estate sector. It also seeks 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. Among these are 20 agreements for companies interested in investing in industrial zones and 23 agreements for open purchase options offered by the NHC to developers and contractors. Additionally, 28 deals have been made by developers and contractors through the Mawad Platform for purchasing building materials from industrial zones.

NHC's Strategic Role

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.

Mawad Platform Achievements

Since its launch, the Mawad 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.

Partnership with CITIC Group

Al-Buty highlighted a 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 project quality, enhance local production, and create around 10,000 direct and indirect jobs. The industrial city is projected to significantly impact economic and development aspects of the real estate sector, with a value of up to SAR 33 billion.

Panel Discussions

The forum includes several panel discussions that will delve into various aspects of real estate supply chains, investment opportunities, and urban development projects. These discussions aim to foster collaboration between local and international stakeholders.

With inputs from SPA