The Small and Medium Enterprises General Authority in Saudi Arabia, “Monsha’at,” has unveiled the launch of the Real Estate Innovation Accelerator in collaboration with the Saudi Ministry of Municipalities and Housing, Invest-Gate reports.

This announcement took place during a press conference held on Sunday, attended by Abdulrahman Altawil, Deputy Minister for Real Estate Development, and Saud AlSabhan, Deputy Governor of “Monsha’at” for the Entrepreneurship Sector.

The Real Estate Innovation Accelerator aims to bolster startups striving to deliver inventive solutions that cater to the real estate sector’s needs within the Kingdom.

Scheduled to kick off its operations on July 28, the accelerator will span 12 weeks, providing intensive technical and strategic assistance to 12 selected startups out of a pool of 600 applicants. These chosen startups will offer solutions covering a spectrum of real estate facets, ranging from digitalizing property searches to forging novel financial solutions.

The accelerator is designed to invigorate startup growth in the real estate domain and expedite the creation of innovative products and services to tackle sectoral challenges. It also seeks to attract investments and elevate the Kingdom’s standing as a regional nucleus for real estate innovation.

This endeavor is part of a series of initiatives initiated by “Monsha’at” in partnership with governmental and private entities to promote entrepreneurship and cultivate a fertile ground for innovation across diverse sectors. Expected to trigger a substantial shift in the Saudi real estate sector, this initiative is poised to fortify its role in realizing the objectives outlined in the Kingdom’s Vision 2030.