The General Authority for Small and Medium Enterprises (Monsha'at) concluded yesterday “Real Estate and Contracting Week" in partnership with the General Authority for Real Estate, the Saudi Contractors Authority, and Saudi Homes, with the participation of 40 potential and supporting entities from the public and private sectors, most notably the Ministry of Municipalities and Housing and the Royal Commission for Makkah City and the Holy Sites; with the aim of raising awareness among entrepreneurs about investment opportunities in the real estate and construction sectors, as well as providing entrepreneurs with the opportunity to showcase their startups and products to visitors and beneficiaries.
The "Real Estate and Construction Week" was attended by more than 2,600 participants at entrepreneurial sessions that featured success stories from a group of entrepreneurs who turned their ambitions into investment projects that contributed to strengthening the real estate and construction sector, alongside various topics regarding the General Authority for Real Estate’s role in supporting entrepreneurs, and highlighting the importance of real estate funds and their role in financing entrepreneurial projects. Over 716 advisory sessions were held across all support centers during the week.
At the Enterprise Support Council meeting this week, Abdulmajeed Al-Rashoudi, Secretary-General of the Saudi Contractors Authority, affirmed that the construction sector in the Kingdom is undergoing significant qualitative shifts, noting that the volume of announced opportunities for 2024 exceeds 2.2 trillion riyals, reflecting the Kingdom’s pivotal position as one of the world’s largest construction markets. He noted that the Saudi market today is a "first-class construction market” due to its investment opportunities and high-quality projects.
Al-Rashoudi explained that the Authority is working on three main pillars: identifying challenges in the field and transforming them into development opportunities; improving legislation and regulatory procedures; and supporting project owners and contractors, adding that the Authority seeks to empower Saudis to enter the sector through specialized training programs and the “Specialized Contractor” initiative, which connects small contractors with major contractors and ensures them sustainable employment opportunities.
Through organizing specialized weeks, “Monsha’at” is committed to continuing its role in opening up opportunities for small and medium-sized enterprises, by collaborating with all partners to provide opportunities for entrepreneurs that contribute to achieving the growth objectives of small and medium-sized enterprises, thereby ensuring their sustainability and growth.
