The Ministry of Municipal and Rural Affairs and Housing announced today the inclusion of new real estate development activities subject to classification within the activities of the National Classification of Economic Activities based on the International Standard Industrial Classification of All Economic Activities (ISIC 4).

Supporting and developing the sector:

The Ministry explained that this step comes to support and develop the real estate development sector and increase its effectiveness, and encourage real estate developers to provide an integrated housing and investment environment, in addition to ensuring the application of technical and financial standards that contribute to verifying the possibility and ability of the real estate developer to implement projects to improve the quality of performance.

The Ministry pointed out that the new activities subject to classification include the purchase and sale of land and real estate and its division, off-plan sales activities, as well as the management and leasing of owned or leased residential and non-residential properties, as well as real estate development for both residential and commercial buildings with modern construction methods.

New activities:

The Ministry emphasized that the addition of these new activities for real estate development came in light of its keenness to achieve financial inclusion, improve investment opportunities and allow companies to contribute to the development of the real estate market, in order to regulate practices and facilitate the activities of the real estate development sector in the Kingdom of Saudi Arabia, as well as contribute to improving the urban landscape and improving the lives of citizens.

The Ministry noted that you can inquire about the details of the activities by visiting the following link: (here).