RIYADH: The Saudi Cabinet recently agreed to amend the regulation of the General Real Estate Authority to make its primary role to register properties in the Kingdom, and to work on organizing, supervising and developing non-governmental real estate activity, the official Umm Al-Qura paper reported.
The aim is to raise the efficiency of non-governmental real estate activity and to encourage investment in it in line with the objectives of economic and social development.
The Authority has all the necessary powers now to set controls and standards for real estate activities, enforce the real estate registration activities, as prescribed by law, and to establish training centers related to its competencies, in accordance with legal procedures.
The powers also include assigning some of the services it provides to the private sector, in accordance with the statutory procedures.
