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HomeBusinessInaugural Real Estate Supply Chain Forum Sparked by NHC

Inaugural Real Estate Supply Chain Forum Sparked by NHC

A Fusion of Global Expertise and Local Growth in Real Estate

May 20, 2024
in Business, Vision 2030
Reading Time: 2 mins read
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The National Housing Company’s (NHC) Real Estate Supply Chain Forum 2024 was ceremoniously opened by the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail. This significant gathering drew a host of dignitaries and representatives from both the governmental and private sectors, including global industry leaders.

The two-day event aligns with the Housing Program’s ambitions under the Saudi Vision 2030 initiative, aiming to innovate supply chain solutions through global partnerships and bolstering international investments in the real estate domain. The forum’s agenda is set to implement comprehensive urban developments that meet exemplary standards and promote national progression within the construction and building industry.

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Significant business dealings are anticipated at the forum, with an expectation of 77 agreements being signed. These include six memoranda of understanding, 20 investment agreements for industrial zones, and 23 open purchase option agreements. The NHC is also set to facilitate 28 transactions through the Mawad Platform, enabling the purchase of building materials from industrial zones.

In his opening remarks, NHC CEO Mohammed Al-Buty emphasized the company’s strategic influence on the Housing Program’s goals. He highlighted the effectiveness of the Mawad Platform in enabling SAR 2 billion worth of transactions, orchestrating 140 agreements with over 90 local manufacturers. Such initiatives have yielded significant cost savings for developers and contractors, exceeding 20%, while local content utilization in NHC projects has reached 54%. Through the Rakaez program, the company has contracted with over 2,000 local entities.

Al-Buty also underscored a substantial partnership with China’s CITIC Group, aimed at establishing an industrial city and logistics hub with an investment exceeding SAR 3 billion. This joint venture is poised to elevate project quality, stimulate local production, and generate approximately 10,000 jobs, both directly and indirectly. The industrial city’s economic contribution to the real estate sector is estimated to be around SAR 33 billion.

The forum’s program also includes various panel discussions, fostering dialogue and knowledge exchange among the participants.

Tags: Local ContentNHC ForumReal Estate Supply ChainSaudi Vision 2030Urban Development
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