Hamad bin Ali Al-Shuwaier, Chairman of the Real Estate Committee at the Council of Saudi Chambers, expressed his deepest gratitude and appreciation to the Custodian of the Two Holy Mosques, his Trustworthy Crown Prince, and the Deputy Crown Prince for issuing the decree establishing the General Real Estate Authority, this decision—a "dream come true"—and praised the role of the government agencies that contributed to its issuance, namely the Ministry of Housing and the Council of Economic and Development Affairs.
The Chairman of the Real Estate Committee at the Council of Saudi Chambers stated that the Authority will contribute to regulating the real estate market, which is the primary objective of its establishment. He referred to a statement by His Excellency the Minister of Housing regarding the Authority, whose role can be summarized as follows: Establishing standards for real estate activities, licensing and supervising them, encouraging investment, providing an appropriate, competitive, and fair environment in the real estate sector, coordinating with relevant authorities to ensure the integration of the sector’s infrastructure, and working to raise awareness of real estate sector regulations and activities monitoring sector indicators to achieve market stability and balance; providing training and qualification for those licensed to engage in real estate activities; as well as conducting, monitoring, and analyzing research, studies, and statistics in the real estate sector; and finally, establishing an online portal containing real estate databases to serve as a reliable reference for local and international investors wishing to invest in this sector and to represent thelarge Saudi real estate sector in international forums.
Al-Shuwaier emphasized that the Supreme Real Estate Authority will support the Ministry of Housing’s efforts to provide housing for citizens by overseeing real estate activities and supplying the necessary information and statistics for this sector.
Al-Shuwaier emphasized that the state—may God support it—is committed to regulating various economic sectors and serves as a direct partner to the public sector, noting the wise leadership’s affirmations regarding the importance of the private sector’s role and the necessity of its participation in all economic decisions and issues, Al-Shuwaier noted that the real estate sector is one of the most important economic sectors and has received attention and care from the government through the issuance of a package of regulations and legislation that will bring about a qualitative leap in shaping the regulatory environment. This, in turn, will enhance confidence and investment at both the local and international levels anda promising future for this sector, which drives more than 120 market activities and is considered one of the largest markets in the region. We hope that the establishment of the Authority will be a positive sign and a source of strength for this important sector.
