As part of the BTSI efforts.
Stimulating 3 modern building technology factories with SR 144 million.
The "Building Technology Stimulus Initiative" has announced the provision of SR144 million in financing for three modern building technology plants, the "Emaar IAN factory", the "Al Saeedan Development Company",and the "Nabad Al Azizia for Development and Real Estate Investment Factory" during the official ceremony of the National Industrial Development and Logistics Program, in the presence and patronage of the Crown Prince, Deputy Prime Minister and Minister of Defense, HRH Prince Mohammed bin Salman bin Abdulaziz.
This is as continuation of the fruitful efforts to support the achievement of the goals of the "Building Technology stimulus" initiative, one of the initiatives of revitalizing the private sector, which is being implemented by the "eskan" Program and the National Industrial Development and Logistics Program, which last year resulted in the financing of the Saudi Industrial Development Fund with SR186 million.
In his turn, the General Supervisor of the Building Technology stimulus Initiative, Eng. Mahab bin Mohammed Saleh Benten, stressed that the presence and patronage of His Highness the Crown Prince for this ceremony clearly reflects the support provided by the State to the eskan sector in general and to the initiatives aimed at developing and upgrading everything that will serve the citizens. That the expansion of the financing of factories that are based on the production of building techniques is one of the main objectives of the initiative to increase the spread of this evolving pattern of construction, which fulfills many of the positive objectives embodied within Saudi vision 2030 to promote the housing sector in the Kingdom.
Binten added that the initiative focuses on activating the trend towards investing in modern technology by financing factories that produce materials for these technologies in order to settle this industry and contribute to generating new jobs for Saudis. Implementation and competitive price, calling on investors and real estate developers to connect with the initiative to know more about its services and benefit from the support and motivation.
Nayef Al-Rasheed, General Supervisor of Private Sector Development at the Local Content and Private Sector Development (Namma) stressed that the presence and patronage of His Highness the Crown Prince for the ceremony comes as a new start to the initiative which is taking steady steps.
In addition to what has been achieved in the past year we are witnessing the beginning of the financing of three factories in the first step towards greater steps, especially as the target is to increase reliance on modern building techniques and stimulate the private sector to use them to provide suitable housing units for citizens in a short time and at the lowest costs,pointing out that this uphold the governments direction in the recruitment of Saudi youth in factories or in the construction phase.