Saudi real estate development law is approved

Saudi Arabia’s Cabinet approved the Real Estate Development Fund law. (AFP file photo)

• Saudi Arabia’s Cabinet also approved to set up a central risk classification unit for the Ministry of Finance

Saudi Arabia’s Cabinet approved the Real Estate Development Fund (REDF) law.

It also approved to set up a central risk classification unit for the Ministry of Finance and another central risk classification unit for ministries and government authorities.

Moreover, the General Authority of Awqaf (AWQAF) was granted the powers to oversee endowments across the Kingdom.

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