The Saudi Arabia Ministry of Municipal, Rural Affairs and Housing has signed a Memorandum of Understanding (MoU) with Logic Consulting to boost the capabilities of real estate contractors and developers in the kingdom.
The announcement of the MoU was made in the presence of Eng Abdullah bin Mohammed AlBudair, the Deputy Minister of Municipal, Rural Affairs and Housing, during the Cityscape Global Exhibition held in Riyadh from September 10 to 13, 2023.
The ministry was represented by Abdul Rahman bin Abdullah Al-Taweel, the Undersecretary of the Ministry of Municipal, Rural Affairs and Housing for the Agency for Stimulating Housing Supply and Real Estate Development and Amr Osman, the Chairman of Logic Consulting.
Raising quality of realty developers
The commitment comes in line with “Providing support and empowerment services to enhance the effectiveness of real estate developers” initiative. Furthermore, it signifies the ministry’s goal to raise the number of real estate contractors by backing their transformation into real estate developers.
Al-Taweel said the partnership will pave way to improve the efficiency and performance of developers by providing a wide array of services which helps enhance their capabilities and tools to streamline their journey.
As a result, this collaborative approach is poised to effectively address the escalating demand for residential units among the kingdom's citizens. Al-Taweel underscored the pivotal role that such partnerships with the private sector play in fostering top-tier and enduring initiatives aimed at advancing the real estate industry, aligning with the aspirations of Saudi Vision 2030. Moreover, he highlighted that collaborating with distinguished consulting firms with administrative expertise, like Logic Consulting, will lead to the development of highly effective strategies for transforming real estate developers within the kingdom.
This, in turn, will guarantee the sustained viability of the ministry's support services provided to real estate developers, thereby stimulating housing supply and elevating the overall performance of the real estate development market.
Osman said that the timing of this MoU is significant, particularly given that the company is commemorating its 25th anniversary since its establishment in 1998.
Mostafa El Ghorab, KSA Country Manager at Logic Consulting, stated that in order to provide the ministry with top-notch consulting services, the company plans to draw on its 25 years of expertise in the region offering consulting services across a variety of industries, including both government sector and private enterprises in the Mena region. The objective is to establish the company as a reliable and authoritative source for consultations and tailored solutions aimed at enhancing the long-term sustainability of clients' enterprises.
The ministry has successfully provided 180,000 housing units within a relatively short timeframe. The ambitious goal of the Ministry is to increase the number of homeowners to 65% by 2025 and 70% by 2030. It aligns with the objectives of Saudi Vision 2030. By placing an emphasis on the housing programme, the country created a dedicated programme to bolster real estate developers, coupled with formal agreements designed to effectively manage price fluctuations within acceptable inflationary parameters.-- TradeArabia News Service