Mr. Khalid Al-Dakhil, Office manager of the Implementation of the Strategy and Programs at the Real Estate General Authority, said that the Authority seeks to find an attractive environment for local and international investors and to enhance their confidence in the Kingdom's economy. He pointed out that the Authority strategy is based on five main axes depend on enhancing transparency, capacity-building, stimulate investment, and provide protection of those involved in the market, inspection and implementation.
The Authority conducted local and international comparisons to achieve its strategy that in line with the Saudi vision 2030. These comparisons aim to learn about the global experiences of the most important lessons learned from the real estate regulators in Australia, the United States, Hong Kong, Singapore and the United Arab Emirates. Several meetings were held with specialists and professionals in this sector of broker, developers and investors in order to reach the objective of the vision of three cities among the best 100 cities in the world, reducing the unemployment rate from 11.6 to 7% Small and medium-sized enterprises(SME) in GDP from 20% to 35%, and increasing non-oil government revenues from 163 billion riyals to one trillion Saudi riyals.
"The main objective of the Real Estate General Authority, which was established by the Council of Ministers Decision No. 239 of 25/4/1438 e, is regulating, supervision and development of non-governmental real estate activity to raise its efficiency and encourage investment in accordance with the economic development objectives." He added.
"It is distributed between the organization, supervision and proposal of laws, regulations and policies related to real estate activities, in addition to providing the necessary training and qualification for the sector employees, raising awareness of the real estate sector regulations and activities. Therefore, to monitoring the real estate market through creating e-portal containing databases of real estate information needed for real estate activities, and monitoring the indicators of the real estate sector to achieve stability and balance, and conduct research, studies and statistics in the real estate business"Al-Dakhil said.