Saudi news

The Saudi National Housing Company concludes 22 memorandums to support and stimulate local content and localize industries

The National Housing Company “NHC” concluded a number of agreements worth nearly 4 billion riyals, on the sidelines of the launch of a materials platform at the Future of Real Estate Forum.

In the context of supporting factories and increasing production efficiency, the National Housing Company signed 22 memorandums of cooperation and understanding 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, as the electronic materials platform services target a variety of building materials that are provided through local service providers with the aim of increasing efficiency in production, according to the news agency Saudi Arabia, SPA.

The materials platform comes to achieve the goals of the Kingdom’s Vision 2030 in supporting and stimulating local content and localization of 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 and facilitating the clearance of the necessary procedures, in addition to supporting factories and increasing production efficiency in Building materials.

For his part, the CEO of the National Housing Company, Muhammad Al-Bati, said: “The company is working on projects whose sales exceeded 100 billion riyals, as we aim to double the value in the coming years, and it works to support local content and localize industries, which contributes to achieving the goals of the Local Content Authority.”

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