The real estate community, interested parties and specialists from businessmen appreciated the Cabinet's decision to approve the General Authority for Real Estate and its coordination with the concerned authorities to make the necessary arrangements to transfer the supervision of the activities stipulated in the organization of the General Authority for Real Estate to the Authority, according to stages agreed upon with those authorities. The decision came after reviewing what was submitted by the Minister of Housing and after reviewing the recommendation prepared in the Council of Economic Affairs and Development, where specialists called for not rushing the results of the Commission's work as the market assessment needs more time to study, scrutinize and determine the premises from which the Commission's work begins.
The decision came after reviewing what was submitted by the Minister of Housing.
On the same subject, Bandar bin Mohammed Al-Dahik, General Manager of Anan Real Estate Company, considered the decision to establish the Authority as one of the most important decisions to regulate a large and important sector such as real estate due to its lack of specialized reference and organization, as it will then become an attractive and integrated sector to constitute a high percentage in the country's economy, noting that the decision deserves praise and congratulations to all workers in the real estate activity, He stressed that the establishment of the Authority will enhance and strengthen the performance and activity of the real estate market because it will operate within governmental regulatory frameworks, which will raise its efficiency and thus encourage local and international investment in it, as it is expected that the market will become attractive to professional international companies that implement quality real estate projects.
Dahik added that the approval of the Real Estate Authority comes in response to the wishes and requests of real estate development companies and service companies that we have previously called for the importance of having a reference body that works to develop and raise the performance of the efficiency of the local real estate market because most of the issues in the market are caused by the lack of a reference that organizes and embraces it.
Dahik added that the approval of the Real Estate Authority comes to meet the wishes and requests of real estate development companies and service companies repeatedly.
In the same context, businessman Hamad Mohammed Al Muzaini, Chairman of Hamad and Ahmed Al Muzaini Real Estate Company, stressed that the real estate market suffers from accumulated issues, and the inability to solve them over the past years, and therefore they need more study and research in order to find solutions, the most prominent of these issues is the overlapping powers of several government agencies, regarding the real estate sector, removing sterile bureaucracy, and unifying the regulations and procedures that the sector companies follow, under one umbrella, the General Authority for Real Estate, I think this matter needs some time to be a concrete reality," adding "The expected effects and
