Registration in Kind Initiative was done with the participation of 38 governmental and international organizations
His Royal Highness Prince Faisal bin Meshal bin Saud bin Abdulaziz, Governor of Qassim, praised the role played by the General Authority for Real Estate in promoting the real estate sector. His Highness commended the Authority's ambition to regulate the real estate sector, qualify human cadres and encourage investment that will have an impact on the national economy, this came during his reception of His Excellency the Governor of the General Authority for Real Estate, Mr. Essam bin Hamad Al Mubarak.
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Five tracksto achieve the Authority's objectives
In the meeting, Al Mubarak reviewed the Authority's role in regulating, developing and upgrading the real estate sector, the Authority's work plan during the coming period and its upcoming role to achieve its vision of a vibrant, attractive, trustworthy and innovative Saudi real estate sector, and briefed His Excellency the Governor on the projects that the Authority is implementing to regulate the non-governmental real estate sector.
In another open meeting organized by the Real Estate Committee at the Chamber of Commerce in Qassim, His Excellency the Governor of the Authority gave a detailed explanation of the plans and strategies of the General Authority for Real Estate, indicating that it is based on two main bases, namely: Al Mubarak added that the Authority has five work streams to achieve its objectives: providing market transparency, capacity building, stimulating investment, sponsoring stakeholders, auditing and implementation.
Numerous and diverse initiatives
Mubarak revealed that the General Authority for Real Estate has engaged real estate stakeholders through a number of meetings and meetings in which it explained its initiatives to develop the performance and efficiency of the real estate sector, such as the initiative to establish the Real Estate Dispute Settlement Center, the initiative to establish the technical office to support the consideration of real estate cases before the judiciary, The initiative to assess the current status of real estate registration, for the implementation of which six workshops on real estate registration were held with the participation of representatives of 23 government agencies, 15 private sector agencies and international and local experts, during which best international practices and previous experiences were presented, and a plan was implemented to re-engineer real estate registration procedures to increase efficiency, reduce time, improve coordination and exchange roles between the implementing agencies for registration.
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About the tracks that have been adopted, Al Mubarak explained that the Authority is working to enhance transparency in the real estate market, which is the first track of its work plan, and to achieve this, it started working on several initiatives, most importantly building price and non-price real estate indicators, and the World Bank was contracted to work with a group of its experts to identify the most important real estate indicators, and the joint team from the Authority and the Bank reached the definition of about forty indicators, Al Mubarak noted that the Authority held a workshop for real estate indicators in the presence of international experts from the United States and South Korea and the participation of representatives from more than 20 government and private sector entities to discuss the types of indicators and data sources and review the American and Korean experiences in collecting data and building indicators.
