Public Authority for Real Estate intends to support Small and Medium Enterprises, raise their efficiency and increase their contribution to GDP, encourage the practice of self-employment in the real estate sector, and support workers in it, according to a memorandum of cooperation signed by the Authority with Monshaat.
Providing real estate services and benefits
The memorandum is concerned with licensing the establishment of incubators for real estate sector entrepreneurs, including real estate establishments classified by the General Authority for Real Estate under the “Ambition” program, classifying real estate establishments classified by the Authority according to Monshaat's criteria for classifying micro, small, medium and large enterprises, supporting real estate activities approved by the General Authority for Real Estate with similar support programs in Monshaat, supporting real estate sector establishments approved under the real estate franchise program, providing a number of specialized courses through the Real Estate Institute for entrepreneurs nominated by Monshaat, and nominating national real estate enterprises and cadres.
Supporting and financing real estate activities
The agreement aims to enhance cooperation in building a strategic relationship in awareness, support and financing for real estate activities in the Kingdom, encouraging the practice of self-employment in the real estate sector, and motivating national cadres to practice real estate activities.
This agreement comes within the framework of the qualitative partnerships undertaken by the General Authority for Real Estate with government sectors and the private sector; to activate the role of the Authority in supervising the non-government real estate sector, to raise confidence, enhance its attractiveness, and achieve the pillars of the comprehensive strategy for the real estate sector.
The signing of the agreement was sponsored by HRH Prince Saud bin Talal bin Badr, CEO of the Public Authority for Real Estate, and the Governor of the General Authority for Small and Medium Enterprises (Monsha'at) Engineer Saleh bin Ibrahim Al Rasheed, while the Public Authority for Real Estate was represented by the Executive Vice President for Strategy and Project Management Sector Engineer Abdulaziz Al Muhaimid, and Monsha'at Deputy Governor for Planning and Development Sami Al Husseini.
The signing of the agreement.
