https://arab.news/8x94r
RIYADH: The real estate sector in Saudi Arabia is set to receive a boost as the National Housing Co. launched the “Rakaez” program, to promote local content.
Launched at the Real Estate Future Forum 2024, the program includes initiatives to conserve spending, build a sustainable national economy, and enhance local capabilities, reported the Saudi Press Agency.
Through “Rakaez,” NHC aims to support local content, localize industries, and achieve strategic housing program goals. Its “Mawad” platform, which connects contractors and real estate developers with local factories and approved suppliers, has supported over 137 beneficiaries.
The initiative has four developmental goals, enhancing national cadres, supporting local factories and small and medium enterprises, and increasing production efficiency.
NHC’s participation at the forum included an interactive pavilion showcasing key programs and future plans in real estate development.
The company presented its strategic vision and role in enriching the real estate market, welcoming those interested in learning about its projects and plans.
On the sidelines of the forum, the NHC signed six agreements with government and private entities.
Collaborations with “Monsha’at” aim to support SMEs in the construction sector. Agreements with the Ministry of Municipal and Rural Affairs and Housing focus on a localization program, while partnerships with the Real Estate Development Fund involve providing financial facilities to developers.
The agreements comprise collaboration with the Small and Medium Enterprises General Authority to support SMEs in the construction sector. A memorandum of understanding was signed with the Ministry of Municipal and Rural Affairs and Housing to jointly work on a localization program. Additionally, agreements with the Real Estate Development Fund involve providing financial facilities to real estate developers.