The Small and Medium Enterprises General Authority “Monsha’at” concluded the Real Estate and Contracting Week today, held in partnership with the Real Estate General Authority, Saudi Contractors Authority, and Bayut KSA. The event brought together over 40 enabling and supporting entities from both the public and private sectors, including the Ministry of Municipal and Rural Affairs and the Royal Commission for Makkah City and Holy Sites, with the aim of raising awareness among entrepreneurs about investment opportunities in the real estate and contracting sectors. The event also provided a platform for entrepreneurs to showcase their startups and products to visitors and stakeholders.

Throughout the week, more than 2,600 attendees joined entrepreneurial sessions that featured success stories of business owners who turned their ambitions into ventures that contributed to the growth of the sector. The sessions also covered topics such as the role of the Real Estate General Authority in supporting entrepreneurs, and the importance of real estate funds in financing startup projects. More than 716 advisory sessions were delivered across all support centers.

During the SMEs Support Council held as part of the event, Abdulmajid Al Rashoudi, CEO of the Saudi Contractors Authority, highlighted the remarkable transformation within Saudi Arabia’s contracting sector, noting that announced opportunities for 2024 exceed SAR 2.2 trillion, positioning the Kingdom as one of the world’s largest contracting markets. He described Saudi Arabia as a “Tier-1 contractor market” due to the scale and quality of ongoing projects.

Al Rashoudi emphasized the Authority’s focus on three strategic pillars: identifying on-the-ground challenges and transforming them into development opportunities, enhancing regulations and procedures, and supporting contractors and project owners. He also noted the Authority’s efforts to empower Saudis to enter the sector through specialized training programs and the Specialized Contractor Initiative, which connects smaller contractors with major players to ensure long-term opportunities.

Through specialized thematic weeks like this, Monsha’at continues its mission to create new horizons for small and medium enterprises by collaborating with partners across sectors to unlock opportunities for entrepreneurs, contributing to the growth, sustainability, and resilience of the SME sector in Saudi Arabia.