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Real Estate Authority Governor & CSC Discuss Cooperation and Sector Development


Governor of the General Authority for Real Estate Essam Al Mubarak met with officials of the Council of Saudi Chambers (CSC), including Chairperson Eng. Ahmed Al Rajhi, Secretary General Dr. Saud Al Meshari, and Chairperson of the National Committee for Real Estate Hamad Al Shuwaier, and a number of chairpersons and representatives of real estate committees at Saudi chambers of commerce to discuss issues related to the sector.


The meeting, which took place at the CSC premises in Riyadh, shed light on the General Authority for Real Estate’s endeavors and role in developing the real estate sector in the Kingdom. In addition to seeking ways for cooperation between the related bodies to secure a regulatory environment that fosters growth in the sector.


Al Mubarak presented the vision and ambitions of the Authority, and its strategies, which rely on five main approaches: enhancing transparency, building capacity, incentivizing investment, serving parties related to the sector, and auditing and implementation. The Authority identified 38 activities that it will focus on. The Governor stated that the Authority started working on enhancing transparency by developing indicators affiliated with prices (selling and rental), and other indicators pertaining to constructions progress and quality, in cooperation with the General Authority for Statistics.


The Governor of the General Authority for Real Estate revealed that building capacity will be achieved through providing training, licensing, accreditation and classification, which will include all active parties in the real estate sector in order to increase quality and skills in it. The Authority will focus on incentivizing investments by increasing local and foreign investments in the real estate sector in the Kingdom. Al Mubarak added that the Authority will develop laws and regulations that ensure fewer property disputes and less time to process them. It will also ensure compliance with regulations in coordination with concerned bodies in the Kingdom.


For his part, CSC Chairperson, Eng. Ahmed Al Rajhi, said that the creation of the General Authority for Real Estate was one of the main demands of the sector, to have a specialized entity that regulates it, adding that CSC will support the Authority in any capacity to help foster growth in the sector. He expressed his optimism to overcome any challenges through mutual efforts.


Chairperson of CSC’s National Committee for Real Estate, Hamad Al Shuwaier, noted the developments in the real estate sector over the last couple of years, on the institutional and regulatory levels, which were culminated by the creation of the General Authority for Real Estate. He expected for the Authority to play a significant role in improving the environment in the sector and enhancing its performance and viability as an attractive sector to local and international investors. 

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