A number of businesspeople and those interested in the real estate sector expressed their satisfaction and optimism regarding the establishment of the General Real Estate Authority, which was approved by the Council of Ministers following extensive studies and efforts, as well as support from the Ministry of Housing, the Economic Development Council, and the Council of Chambers of Commerce—represented by the Real Estate Committeeand the Committee of Experts.
Supervision by a single authority from start to finish
Furthermore, Abdullah bin Ibrahim Al-Huweish, Board Member and Managing Director of Amlak International Real Estate Finance Company, affirmed that the establishment of the General Real Estate Authority had been an urgent demand for everyone for years, as many have high hopes for this authority and the role it is expected to play in the future. This is evident in the objectives and tasks the authority has announced it will undertake to advance and elevate the sector, These tasks include overseeing and developing the sector to enhance its efficiency, encouraging investment in it in line with the economic and social development goals of the Kingdom’s Vision 2030, and creating an environment conducive to work and productivity in the sector, Al-Huweish mentioned a number of relevant strategic and national objectives that align with the aspirations of real estate professionals—aspirations that were absent from the sector in recent years. Al-Huweish explained that the Kingdom’s real estate sector needed a leader to steer it to safety, while simultaneously serving as a regulator and guide for the sector and its workers; now, the Authority has stepped in as the competent body to oversee the sector from A to Z.
Organizing and putting scattered paperwork in order
Al-Huweish explained that the role the General Real Estate Authority will play in regulating the sector and putting its scattered paperwork in order will, in one way or another, contribute to finding solutions to the housing crisis in the Kingdom, especially since all the resources needed to resolve this crisis are available in the Kingdom. However, the haphazard nature of the sector and the lack of an official body to manage its affairs have contributed to the creation and entrenchment of the housing crisis, allowing it to escalate to the point where we are today, However, with the Authority in place, I believe it will be easier to develop effective solutions to the housing crisis and begin implementing them on the ground. This is what the Ministry of Housing will strive to achieve in the coming period, in cooperation with the Authority and relevant agencies.
Regarding the Authority’s role in helping to solve the housing problem, Aban Al-Huweish explained that the Authority’s effort to organize and streamline its scattered paperwork will greatly contribute to developing appropriate solutions to the crisis, as I believe that all the resources needed to resolve this crisis are available in the Kingdom, but the haphazard nature of work in the sector and the lack of an official body to manage its affairs have contributed to the housing crisis in the Kingdom and allowed it to take root until it escalated to the point we are at today. I expect there to be significant cooperation between the Authority, the Ministry, and relevant agencies.
