Real Estate Development: Ministry of Municipal, Rural Affairs, and Housing that it has trained more than 3,000 real estate developers by signing several agreements with business accelerators, to establish programs and initiatives aimed at enhancing the capabilities of real estate developers, as part of joint efforts by a number of government agencies and entities participating in the Coordinating Committee for the Development of the Construction Sector.
The initiative includes providing various forms of support—including “administrative and operational” assistance—through business accelerators, which enable real estate developers to successfully complete their projects; which positively contributes to increasing the housing supply in the Kingdom, expanding the number of real estate development projects, developing the capabilities of real estate developers, and enhancing the efficiency of the real estate development market.
This initiative is part of a series of initiatives through which the Ministry has participated in the work of the Coordinating Committee for the Development of the construction sector; to advance this vital sector, thereby achieving the objectives of Vision 2030 by increasing employment opportunities and raising the sector’s share of GDP.
It is worth noting that the Coordinating Committee for the Development of the Construction Sector includes the Ministry of Municipal, Rural Affairs, and Housing, the Ministry of Commerce, the Ministry of Finance, the Ministry of Human Resources and Social Development, the Ministry of Investment, the Ministry of Economy and Planning, the Authority for Expenditure Efficiency and Government Projects, the Saudi Contractors Authority, and the Saudi Engineers Authority.
The Coordinating Committee, chaired by Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs, and Housing, is working to develop the construction sector to strengthen the national economy through 20 initiatives, which government agencies are seeking to implement, with the aim of reducing commercial disputes and conflicts in the sector, enhancing the capabilities of contractors and real estate developers, increasing transparency and combating front companies in the construction sector, and transforming contractors" operations from individual to institutional models, in addition to developing policies to ensure that contractors" capabilities are commensurate with the projects offered in fair competitive bidding processes.
