The National Housing Co. (NHC) recently launched the Rakaez program during the Real Estate Future Forum 2024. NHC’s participation includes a multi-corner interactive pavilion, through which it showcased its most important programs and plans in the real estate sector. It presented its strategic vision and pioneering role in enriching the real estate market.
The Rakaez program includes several programs to support and enhance local content in the housing system and real estate sector. It includes initiatives to conserve spending, build a sustainable national economy, and enhance local capabilities.
Developmental goals
The initiative has four developmental goals, including enhancing capabilities of Saudi nationals, supporting local factories and small and medium enterprises, and increasing production efficiency. Hence, the initiative supports the goals of Saudi Vision 2030 and places the kingdom at the forefront of developments in the sector.
Through Rakaez, NHC seeks to support local content, localize industries, and achieve strategic housing program goals. Moreover, its Mawad platform, which connects contractors and real estate developers with local factories and approved suppliers, has supported over 137 beneficiaries. NHC also contributed to enhancing local content and creating multiple job opportunities in this vital sector, whether directly or indirectly. In addition, it launched the WAED Graduate Development Program which contributes to developing future talents and qualifying them for the labor market professionally.
Strategic agreements
On the sidelines of the forum, the NHC signed six agreements with government and private entities. It signed an agreement with Monsha’at to support small and medium enterprises (SMEs) in the construction sector. Moreover, it signed a memorandum of understanding (MoU) with the Ministry of Municipal and Rural Affairs and Housing which focuses on a localization program. Additionally, it formed a partnership with the Real Estate Development Fund which involves providing financial facilities to developers.
NHC also signed an agreement with Al Fanar Factory to train Saudi nationals and transfer knowledge. Furthermore, it signed two MoUs with the Tameed financing platform and the Isam Khairi Kabbani Group to cooperate in providing financing solutions to purchase and provide building materials.
NHC’s contributions
NHC supports achieving the goals of the Saudi Vision 2030 by raising the percentage of residential ownership for Saudi families to 70 percent. It seeks to find solutions and secure supply chains with high-quality and more sustainable construction materials. This is within its framework to increase the real estate supply with residential options according to international standards. Moreover, it is the largest master developer of suburbs and urban communities in the Kingdom. It has built more than 300,000 housing units in 8 suburbs and 6 urban communities, accommodating more than a million citizens.
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