The General Authority for Small and Medium Enterprises “Monsha’at” has launched an accelerator Real Estate Innovation in partnership with the Ministry of Municipalities and Housing to strengthen and develop the entrepreneurship ecosystem in the real estate sector, in the presence of Abdulrahman Al-Tawil, Undersecretary of the Ministry of Municipalities and Housing for Stimulating Housing Supply and Real Estate Development, and Saud Al-Sabhan, Deputy Governor of “Monsha’at” for the Entrepreneurship Sector, at the Enterprise Support Center in Riyadh.
The accelerator aims to support the growth of innovative enterprises that provide services and products contributing to solving challenges the real estate sector, as one of the Kingdom’s most prominent and promising sectors that supports the local economy.
The accelerator will run for 12 weeks, from July 28 through October 31 of this year, providing support and opportunities for technical and strategic development with the participation of elite trainers and specialists in the field, with the aim of developing the participants" services and products to attract customers and investment opportunities.
The accelerator aims to support 12 startups, selected from among more than 600 applicants to the Real Estate Innovation Program, to address various needs in the real estate sector—ranging from digitizing the property search process and integrating modern and sustainable services into buildings, to the use of futuristic and modern construction methods, and the diversification of financial solutions for real estate financing and investment.
The launch of the accelerator is part of a comprehensive package from Real Estate Innovation Program, in partnership with the General Real Estate Authority, the National Housing Company, and Saudi Fintech. This program included meetings to highlight promising innovation opportunities and connect industry stakeholders, as well as organizing ”Innovation Challenges” and honoring their winners; to nurture entrepreneurial projects and transform the sector’s challenges into successful ventures that contribute to the development of the real estate sector.
This real estate innovation accelerator is the first of its kind in the Kingdom, stemming from the Authority’s strategic objectives to create a stimulating environment for promising enterprises across the Kingdom’s key sectors and to activate the national ecosystem for each sector to achieve the goals of the Kingdom’s Vision 2030.
