RIYADH: Saudi Arabia’s Real Estate General Authority will transform the housing sector by introducing its inaugural facility management regulation in the first quarter of 2024, according to its CEO.
The landmark act is expected to elevate the industry’s trustworthiness and investment allure while overseeing real estate facilities.
This initiative exemplifies the authority’s commitment to standardizing and regulating facility management operations, the Saudi Press Agency reported.
The announcement was made by Abdullah Al-Hammad during his address to the Middle East Facility Management Association Confex 2023 in Riyadh from Oct. 15-16.
The event was assembled under the banner “Facility Management in the Digital Age - Towards Adopting a Smart Future.”
Highlighting the significance of the real estate sector as a cornerstone of the Saudi economy, Al-Hammad emphasized the steadfast support it receives from the Kingdom’s leadership.
The sector has recently achieved notable strides with a focus on robust governance and development. As of the second quarter of 2023, real estate’s contribution to the national gross domestic product was registered at 6.1 percent, with a 12.7 percent stake in non-oil activities, Al-Hammad said.
He elaborated on the real estate mediation system, now three months into its implementation, saying: “This system is one of the most prominent potentials for developing the real estate sector, its governance, digitizing its processes, and serving its beneficiaries.”
