Issam Al-Mubarak, Governor of the General Real Estate Authority, confirmed that the Authority has no plans to issue building permits, as its role is limited to regulating the real estate sector. In interviews with the press, Al-Mubarak added, He noted the Authority’s collaboration with the General Authority for Statistics to publish real estate market indicators to increase transparency in the real estate market, pointing out that the Authority cannot issue indicators without working with the relevant agency.
Al-Mubarak explained that the Authority is working with all government agencies to implement its action plan, which is divided into five tracks and two main pillars: real estate registration and planning and approvals, while the five tracks include building market transparency, stimulating investment, capacity building, and serving partners.
He added, “”We have several partnerships to enhance the quality of the Authority’s work. We have a partnership with the World Bank and the Ministry of Justice to expedite real estate cases pending in the courts, as well as to implement real estate registration to ensure transparency and instill confidence in investors regarding the real estate investment environment in the Kingdom.’”.
He noted that since its establishment, the Authority has worked toward a vision of making the Saudi real estate sector attractive and characterized by trust, innovation, and transparency, by explaining developments in the real estate market to citizens.
The remarks by the Governor of the General Real Estate Authority were made on the sidelines of the Restatex Real Estate Exhibition, held at the Riyadh Exhibition and Convention Center, where he presented the Authority’s action plan and its future role in achieving its vision.
The Governor of the General Real Estate Authority explained that the Authority has worked to assess the current status of real estate registration and study international best practices and previous experiences, and to reengineer real estate registration procedures to increase efficiency, reduce processing times, and improve coordination and the division of roles among the agencies responsible for registration, To this end, it held six workshops with representatives from 23 government agencies, 15 private-sector entities, and international and local experts.
