The Capital Market Authority and the General Real Estate Authority yesterday evening, Thursday, November 14, 2024, a memorandum of understanding to regulate the activity of real estate contributions in the Kingdom.
The cooperation agreement aims to regulate real estate contributions, enhance transparency and disclosure, and protect the rights of all parties involved in real estate contributions, as well as to govern, regulate, and automate real estate contributions, considering them one of the investment financing channels for real estate developers, with the aim of strengthening investor confidence in the Kingdom’s real estate sector.
Implementation of the provisions of the Real Estate Contribution System
The memorandum was signed on the sidelines of the Cityscape Global exhibition hosted by Riyadh, as part of joint efforts to strengthen cooperation between the two parties and establish arrangements aimed at governing joint initiatives in implementing the provisions of Real Estate Contributions Real Estate and its implementing regulations. The Capital Market Authority was represented at the signing by Abdullah bin Mohammed bin Ghanam, Deputy Governor for Finance and Investment, while the General Real Estate Authority was represented by Abdullah bin Saud Al-Dahim, General Supervisor of the Real Estate Development Sector.
Real Estate Contributions Law
It is worth noting that the Real Estate Contributions System is an extension of the real estate legislative framework designed to achieve the objectives of the comprehensive strategy for the real estate sector, which aims to govern, empower, and ensure the sustainability of the sector, as well as enhance its effectiveness and the efficiency of its workforce, thereby enhancing transparency and disclosure in real estate activities, protecting the rights of all parties to contractual relationships, and creating a safe and reliable real estate market for customers and investors.
