In an important step towards enhancing cooperation between the public and private sectors, a panel discussion led by His Highness Prince Waleed bin Nasser Al Saud, CEO of Makashifa, was held at Restatex Jeddah 2024 titled “Developing Legislation and its Role in the Sustainability of the Real Estate Sector,” to discuss the development of real estate legislation and its role in the sustainability of the sector.
Restatex Jeddah 2024.
Private Sector Participation in Legislative Development
The session opened with a welcoming speech by Prince Walid, who emphasized the importance of private sector participation in drafting real estate legislation, noting that the Kingdom's vision seeks to facilitate business and reduce costs. He emphasized the need to understand the challenges faced by developers in this context.
Multiple objectives of cooperation
Prince Waleed identified three key levels that require private sector intervention:
Prince Waleed
1. Business facilitation: Understanding the challenges that affect business growth.
2. Development of legislation: Avoiding potential implementation issues through active participation.
3.
3.
3. Industry of the future: Achieving a cutting-edge sector that meets the needs of the future market.
3.
Emaar: A new platform for developers
It was also announced the establishment of the Emaar Developers Association, which aims to unify the voice of developers and coordinate their efforts. The association comprises more than 200 companies and regularly works with 70 government entities to enhance collaboration and communication."
Mechanism to address challenges
Prince Waleed explained the mechanism that the association will follow in addressing real estate challenges, which includes:
Gathering and categorizing challenges: Identifying key issues and their potential impacts.
Gathering and categorizing challenges.
Benefit from international experiences: Study successful legislation in other countries to develop appropriate solutions.
Continuous communication with government agencies: Organize periodic meetings to ensure follow-up on progress.
Conclusion of the session
Prince Waleed concluded his speech by emphasizing the public sector's desire to cooperate with the private sector to improve legislation, stressing the importance of the private sector having a unified and organized voice. He called on the audience to communicate with Emaar to achieve the desired goals and achieve sustainable development in the real estate sector.
- Restatex Real Estate Exhibitions (@restatex) October 11, 2024
