Arab News, Saturday, Sep 11, 2021 | Safar 4, 1443
Saudi Arabia announces the General Real Estate Authority new role
Saudi Arabia:
The Saudi Cabinet recently
agreed to amend the regulation of the General Real Estate Authority to make its
primary role to register properties in the Kingdom, and to work on organizing,
supervising and developing non-governmental real estate activity, the official
Umm Al-Qura paper reported.
The aim is to raise the efficiency of
non-governmental real estate activity and to encourage investment in it in line
with the objectives of economic and social development.
The Authority has all the necessary powers now to
set controls and standards for real estate activities, enforce the real estate
registration activities, as prescribed by law, and to establish training centers
related to its competencies, in accordance with legal procedures.
The powers also include assigning some of the
services it provides to the private sector, in accordance with the statutory
procedures.