The CEO of The General Real Estate Authority, Engineer Abdullah bin Saud Al Hammad, inaugurated the Legislative Sandbox, an initiative of Saudi Proptech Center Sph, which aims to support innovation in the real estate sector and allow entrepreneurs to test business models in a flexible environment, contributing to their readiness to comply and integrate into the real estate market.
Engineer Abdullah bin Saud Al Hammad stressed that the “Authority” has developed more flexible regulatory frameworks, simplified procedures, and raised the efficiency of services and the experience of beneficiaries, so that the Saudi real estate market becomes more reliable, more competitive, and more efficient. Al Hammad stressed that the Authority has developed more flexible regulatory frameworks, simplified procedures, increased the efficiency of services and beneficiary experience, to make the Saudi real estate market more reliable, more competitive, and more sustainable, and that the Saudi Proptech Hub (SPH) is an incubator where real estate startups, entrepreneurs, investors, universities, and regulators come together in one system, working and moving with accelerator programs, a vibrant innovation community, and renewed regulatory empowerment.
Hammad said that the SPH Center represents an umbrella where the efforts of emerging real estate companies, entrepreneurs, investors, universities, and regulators come together in one system, working and moving with accelerator programs, vibrant innovation community, and renewed regulatory empowerment. The President of the Real Estate Authority explained that the experimental regulatory environment (Sandbox), based on the Kingdom's Vision 2030, provides a flexible regulatory environment that enhances the readiness of the real estate market and will open wider doors for real estate innovation pioneers, enable investors to access investment opportunities in real estate technologies, give the end user innovative solutions that contribute to raising the quality of life and community well-being, and enhance the use of real estate technologies.
President of the Real Estate Authority announced that the experimental regulatory environment (Sandbox) comes out of the Kingdom's Vision 2030, to provide a flexible regulatory environment that enhances the readiness of the real estate market. The Real Estate Authority announced that in conjunction with the launch of the legislative pilot regulatory environment, it has launched the draft regulatory framework for the legislative pilot environment through the “Explore” platform to enable the public, government agencies and the private sector to express their views and observations on it before its approval, based on the comprehensive strategy for the real estate sector issued by a decision of the Council of Ministers.
The Authority indicated that the regulatory framework for the legislative pilot environment clarifies the journey of real estate innovations and the criteria for submission, eligibility, readiness assessment, and the mechanism for testing them within the pilot environment and exit from it.
The Authority invited professionals to participate in the pilot environment. <The Authority invited all interested parties from the public, government agencies and the private sector to review the guide in a survey platform through the following link: https://istitlaa.ncc.gov.sa/ar/Municipality/rega/RegulatoryframeworkfortheProptechsandbox/Pages/default.aspx, and provide comments and suggestions on it.
