Saudi Arabia is introducing an electronic platform (e-platform) aimed at streamlining real estate development processes and services. In doing so it is taking steps to improve the efficiency of its construction sector.
ENHANCING COOPERATION FOR GREATER EFFICIENCY
The National Housing Co. and the Saudi Contractors Authority signed a memorandum of understanding at the Future Projects Forum last week in Riyadh. The agreement aims to leverage technology and develop an e-platform. This platform will help enhance cooperation and improve efficiency in the sector. It also involves joint workshops. These workshops will focus on identifying areas of collaboration and help ensure high-quality services.
LOCALISATION AND SUPPORT FOR SME'S
The partnership focuses on empowering Saudi companies and supporting the localisation of the contracting sector. It also seeks to provide solutions to help small and medium enterprises (SMEs) overcome challenges in the real estate market. The e-platform will play a crucial role in achieving these objectives.
STREAMLINING PROCESSES AND LOWERING COSTS
The initiative builds on previous improvement efforts in the construction sector. In January, the Saudi minister of housing and municipal and rural affairs, Majid Al-Hogail, launched an online platform. This platform connects contractors and real estate developers with government-approved suppliers of building materials. It offers affordable access to a wide range of materials. This aims to boost production efficiency, reduce housing unit costs, and promote homeownership.
QUALITY CONTROL AND STRATEGIC PARTNERSHIPS
To ensure effective monitoring of the sector, the National Housing Co. signed nine agreements worth SR2 billion ($533 million) with national strategic partners in September of last year. These agreements encompass project management, engineering supervision, design implementation, construction, and evaluation services. They aim to establish quality control guidelines and strengthen oversight in the sector.
NATIONAL HOUSING CO: GOALS AND VISION
The National Housing Co. was established in 2016. It operates as the investment division of the Ministry of Municipal and Rural Affairs and Housing. The company's goal is to increase Saudi family homeownership to 70%. But the company also strives to enhance the real estate supply by providing different housing options too. These goals are well aligned with the Saudi Vision 2030.
The launch of the e-platform is a crucial step in improving the efficiency of the real estate development process in Saudi Arabia. It focused on streamlining procedures, supporting localisation, and providing solutions to challenges. So, this initiative represents significant progress in advancing KSA's construction sector. It will also help make progress toward the country's housing goals.
LOOKING TO ENHANCE YOUR REAL ESTATE KNOWLEDGE?
Sign up now to the Cityscape Intelligence newsletter here
