The Small and Medium Enterprises General Authority “Monsha’at”, in partnership with the Ministry of Municipalities and Housing, celebrated the graduation of 12 startups from the Real Estate Innovation Accelerator during the Biban 24 forum, held under the theme A Global Destination for Opportunities, in the presence of several officials, entrepreneurs, and investors.
The accelerator aims to develop the real estate sector’s ecosystem and strengthen its infrastructure by accelerating the growth of the enterprises operating in it and providing innovative solutions that meet the needs of the real estate market, in the fields of digitizing real estate services, modern construction methods, supporting sustainability, and diversifying financial solutions. The accelerator also provided intensive development programs, a network of consultants and experts, and investment opportunities for participants.
The participants’ journey in the accelerator ran for 12 weeks, from July 28 to October 31 of this year, providing support and opportunities for technical and strategic development with the participation of a select group of trainers and specialists in the field, in order to develop the participants’ services and products to attract customers and investment opportunities.
Through the accelerator, Monsha’at seeks to stimulate innovation in the real estate sector and develop quality solutions that contribute to raising the sector’s efficiency, in line with the objectives of Saudi Vision 2030. The accelerator also focused on connecting startups with networks of investors and government and private entities to strengthen growth opportunities, in addition to providing financial grants to support their projects.
During the ceremony, the authority honored the companies graduating from the accelerator, which proved their ability to develop innovative products and services in the real estate field, out of more than 600 entries in the Real Estate Innovation Program. The graduating companies covered several sectors, including waste management, energy, construction and materials, real estate development, information technology, three-dimensional design and printing, real estate rentals, and procurement and supply.
The graduation of the Real Estate Innovation Accelerator comes in partnership with the Real Estate General Authority, the National Housing Company, the Modern Construction Initiative, and Fintech Saudi.
The Biban 24 forum is held at Riyadh Front Exhibition and Conference Center from November 5 to 9, 2024, with wide participation from entrepreneurs and investors from around the world. The forum aims to strengthen the Kingdom’s position as a regional and international destination for entrepreneurship, support the growth of startups, and strengthen competitiveness across various economic sectors.