The Business Year

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The Kingdom's agenda to diversify its economy features extensive urban development programs, and government entities are concerned with increasing market transparency and easing processes in the sector.

Dr. Muhamad Alrahji

Deputy Minister, Land and Surveying

One of the main mandates of the ministry is the preservation of land and orienting urban development. This concerns regional planning and land preservation, and in our department, our main concern is the land administration. It is a comprehensive scope that includes the cadastral registration to take care of ownership. This ownership in Saudi Arabia is not physically well documented or specially linked to accurate parcel maps. It used to be only registered to the person who owns the land; however, we are now working on a huge project to link that with accurate parcel maps in order to have it physically defined to resolve the disputes related to the uncertainty of information on ownership. In addition, we are responsible for granting people land, with two types of land grants. We are authorized by the government, who always takes care of its people, to grant land to improve the quality of life, and not only for housing. In addition, we are also responsible for geospatial information gathering, utilizing satellite imagery, aerial photography, and topographic mapping to furnish the entire country, all government agencies, and the private sector with accurate and detailed geospatial information. We have been ISO certified since 2007 and follow international standards with regard to geospatial information gathering. Our ambition for Vision 2030 is to equip the country with geospatial information, and at the same time, utilize this information for all government agencies to link their work and for information to be spatially linked.

Essam Al Mubarak

Governor, Real Estate General Authority (REGA)

REGA was set up in 2017 to create more market transparency, build sector capabilities, and stimulate investment. REGA is currently engaged in many activities to fulfill these objectives. We work with other local government authorities, local and international experts, and the key stakeholders in the Saudi real estate sector to develop ways to enhance the real estate market, create transparency, and build its capabilities, which will result in an attractive market for local and foreign investment. REGA’s priorities at this current stage are, firstly, building several real estate indicators, creating a comprehensive land registration system, and analyzing real estate-related regulations and areas of improvement. Second, the Saudi Real Estate Institute (SREI), one of REGA’s arms, focuses on developing the capabilities in the real estate sector. SREI provides different courses and certificates to those in the sector. It aims to provide people with the required knowledge and skills to increase professionalism. Third, REGA, in its all activities, targets both investors and homebuyers. Therefore, the ultimate goal for REGA is improving the real estate ecosystem. We have also worked with different local agents and experts from the World Bank to develop a set of real estate indicators, both price and non-price ones. These indicators will be used as guidelines to publish insights and reports as well as establish deep analysis and research that can benefit many stakeholders such as investors, individuals, and policymakers.

Khalid Mohammed Al Amoudi

CEO, Khalid Mohammed Al Amoudi

We are part of the Kingdom’s objective to increase home ownership. We seek to first achieve 60% home ownership by 2020. We have started to make it quantifiable as a SMART target, specific and measurable relative to the situation. We came up with a target of 480,000 families that will need to purchase homes in the next three years. We have three initiatives according to our plan. The first is becoming a solution innovator. Second, we should be a financially sustainable organization to serve a large number of people; we need to create a platform that will ensure continuity in the population. We are now more focused on a model that will achieve results that are not related to oil. The third is being a market maker; we identify the risks that the market is not willing to take and motivate the industry by taking it on ourselves. In order to comply with requirements and identify the roles that we want to play, we have restructured the organization. We are currently undergoing reform and, accordingly, have identified the products and services wherein we need to work closely with the private sector, namely the banking sector. REDF has a capital of around SAR191 billion (USD50.93 billion), and we need to leverage this capital. We have around SAR21 billion (USD5.6 billion) in assets under management. We focus on investing these funds to build capabilities, organizational structure, and relationships with partners to achieve the right returns and subsidize all our loans.



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