Saudi Arabia plans to form the National Authority for Real Estate responsible for organizing non-government real estate activity in the country, quality development, and attracting investments to the sector, Invest-Gate reports.
The Saudi Minister of Housing Maged El Hokeil approved launching the authority to support citizens and developers, encouraging them to greatly contribute to Saudi’s urban development vision of 2030 and increase local production, according to the Housing Ministry’s released statement.
El Hokeil emphasized the importance of the real estate sector contribution to economic growth, affirming a 6% growth rate in the real estate sector between 2012 and 2016. However, the sector’s contribution to the country’s local production was an estimated 4.9%.
The new authority will be financially and administratively independent, holding executive power to amend and draft new laws regarding the real estate sector. It will also issue licenses, supervise projects, and inform investors of the latest industry updates.