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
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
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.