The Ministry of Municipal Affairs, Rural Development and Housing announced today that new real estate development activities will be included in the classification under 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 efficiency, and to encourage real estate developers to provide an integrated housing and investment environment, while ensuring the application of technical and financial standards that contribute to verifying the real estate developer\u2019s ability and capacity to implement projects to enhance the quality of performance.
The ministry noted that the new activities subject to classification include the purchase and sale of land and real estate, and their division, activities of selling on the map, as well as the management and rental of residential and non-residential properties owned or leased, and also real estate development for both residential and commercial buildings using modern construction methods.
New activities:
The Ministry emphasized that the addition of these new real estate development activities came in line with its commitment to achieving financial inclusion, improving investment opportunities, and providing companies with the opportunity to contribute to the development of the real estate market, with the aim of regulating practices and facilitating the activities of the real estate development sector in Saudi Arabia, as well as contributing to improving the urban landscape and enhancing the lives of citizens.
The ministry noted that details of the activities can be inquired about by visiting the following link: (here).<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>The Ministry of Municipal, Rural Affairs, and Housing announced today that new real estate development activities have been included in the National Classification of Economic Activities, which is based on the International Standard Industrial Classification of All Economic Activities (ISIC 4). Supporting and Developing the Sector: The Ministry explained that this step is intended to support and develop the real estate development sector, increase its efficiency, and encourage real estate developers to provide a residential environment \u2026 Read 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