Under the slogan “We build the nation with a vision moving against time”, the Building Technology Stimulus Initiative, a new governmentally owned initiative, is leading the transformation of the Saudi construction sector from a sector that relies on traditional methods of construction to one that utilizes advanced construction methods.
The Building Technology Stimulus Initiative provides local and foreign investors with various financial products and solutions to facilitate the set-up of building technology factories. These solutions include providing financial incentives with the support of the Private Sector Stimulus Plan through the Saudi Industrial Development Fund for direct financing up to 75% of the required investments and to 6 months of working capital. The initiative also aims to build human competencies and enable contractors to use modern construction methods. Targeting citizens of different social standards, the initiative offers affordable building solutions with a variety of high quality, modern designs at competitive prices.
Through opening up channels of cooperation with local and international partners, the initiative strives to cope with Industrial 4.0, through discovering advanced materials, and providing development and innovation centers to play a huge role in these technologies.
Supporting transformation in the construction sector and opening new horizons for a brighter future, the Building Technology Stimulus Initiative puts forward several strategic objectives. These objectives include creating thousands of job opportunities, raising the local contribution share in GDP to reach SAR 80 billion, reducing the construction time to less than 90 days, deducting the construction costs by 5-20%, and raising the production capacity of building technology factories in the KSA.
It is worth noting that the financing of 21 building technology factories is currently underway with a capital exceeding SAR 1.2 billion with an aim to raise the productivity capacity to build more than 30,000 housing units.
By Esaa Gad, mohammed eltayeb
