Riyadh, Saudi Arabia—Saudi Arabia’s National Housing Company signed 22 MoUs worth nearly 4 billion riyals ($1.06 billion) on the sidelines of the launch of the materials platform, Mawadat, at the Future of Real Estate Forum.
The platform aims to connect contractors and real estate developers with the factory or supplier approved by the National Housing in order to automate the procedures for ordering materials.
The MoUs were signed with 19 service providers. The electronic platform facilitates the process of direct linking between real estate developers and contractors with factories and suppliers of building materials and technologies for the purpose of supporting local content and localizing industries.
SPA reported that the Mawadat platform comes to achieve the goals of the Kingdom’s Vision 2030 in supporting and stimulating local content, localizing industries, and effectively contributing to reducing the value of housing units to increase the percentage of ownership per capita, by offering building and finishing materials at reduced prices through the platform.
The platform facilitates the clearance of the necessary procedures, in addition to supporting factories and increasing production efficiency in building materials.
One of the programs of the kingdom’s Vision 2030, to raise the percentage of residential ownership for Saudi families to 70 percent.