The Small and Medium Enterprises General Authority "Monsha’at" has launched the Real Estate Innovation Accelerator in partnership with the Ministry of Municipalities and Housing to enhance and develop the entrepreneurship ecosystem in the real estate sector. The launch was attended by Abdulrahman Al-Tawil, the Deputy Minister for Housing Supply and Real Estate Development, and Saud Al-Suhban, the Deputy Governor of Monsha’at for Entrepreneurship, at the SMEs Support Center in Riyadh. The accelerator aims to support the growth of innovative enterprises that provide services and products to address challenges in the real estate sector, which is one of the most prominent and promising sectors in the Kingdom, supporting the local economy. Over a period of 12 weeks, from July 28 to October 31 of this year, the accelerator will provide support and opportunities for technical and strategic development, involving a select group of trainers and specialists in the field to enhance the services and products of participants to attract customers and investment opportunities. The accelerator targets 12 startups selected from over 600 applicants in the Real Estate Innovation Program to serve various needs in the real estate sector, starting from digitizing the property search process and integrating modern and sustainable services in buildings, to using future-oriented and modern construction methods, and diversifying financial solutions for real estate financing and investment. The launch of the accelerator is part of a comprehensive package from the Real Estate Innovation Program in partnership with the General Authority for Real Estate, the National Housing Company, and Fintech Saudi. This program includes meetings to introduce promising innovative opportunities and connect stakeholders in the field, in addition to organizing "Innovation Challenge" competitions and honoring the winners to qualify entrepreneurial projects and transform sector challenges into successful initiatives that contribute to the development of the real estate sector. The Real Estate Innovation Accelerator is the first of its kind in the Kingdom, aligning with the strategic goals of the authority to create an inspiring environment for promising enterprises across various key sectors in the Kingdom and to activate the national ecosystem for each sector to achieve the objectives of Saudi Vision 2030.  

To view the challenge on the e-Participation platform, click here.