The Council of Saudi Chambers (CSC), represented in the National Real Estate Committee, co-sponsored an introductory meeting for the General Real Estate Authority, with a special group related to the creation of the Authority. The meeting aimed at introducing the Authority and its endeavors and activities.
Chairperson of the National Real Estate Committee at CSC Hamad Al Shuwaier noted during the meeting that the General Real Estate Authority was keen on meeting with people from the sector to listen to their views on how to improve the sector, and their expectations from the Authority.
Supervisor of the project to establish the General Real Estate Authority Eng. Mohammed Al Mudaihem shed light on the role the Authority will play in regulating the sector, including developing laws and regulations that ensure transparency and competitiveness. In addition to providing training programs that foster knowledge and capacity building in the sector.
Al Mudaihem added that the Authority sets to monitor the real estate market through KPIs related to the percentages of sales, leasing, constructions, and licensing to ensure stability and balance.
Moreover, there will be researches, studies, and statistics conducted in the field. Al Mudaihem touched on the Authority’s mission to enhance real estate investment and development by offering incentives, providing a convenient and fair environment, following up on the implementation of relevant agreements, and integration and coordination with concerned bodies to ensure integration of infrastructure in the real estate sector, and consequently, achieve the Kingdom’s goals, policies, and strategies in this regard.