The Saudi government decided to transfer the competence to supervise the activity of the Off-Plan Sale or Rent Committee (Wafi) from the Ministry of Municipal and Rural Affairs to the Real Estate General Authority (REGA), Invest-Gate reports.

The decision comes in the framework of the Saudi government’s efforts to regulate the real estate sector and strengthen partnerships between the public and private sectors.

The Saudi Cabinet called for the formation of a five-member committee from the ministries of municipal affairs, finance, human resources, and the General Organization for Social Insurance and REGA.

The new committee will set mechanisms for the handling of Wafi’s assets, personnel, budget, project, program, initiatives, and jurisdiction throughout the process of the transfer of the supervision competence, which is scheduled to take place before the end of 2023.