Saudi And Qatari Real Estate Leaders Forge Path For Cooperation

Eng. Abdullah bin Saud Al-Hammad, CEO of the Real Estate General Authority (REGA), recently welcomed Eng. Khalid bin Ahmed Al Obaidli, Chairperson of the Qatari Real Estate Regulatory Authority, and his delegation at REGA's headquarters in Riyadh. The meeting focused on enhancing cooperation in the real estate sector between Saudi Arabia and Qatar.

The Qatari delegation was briefed on REGA's regulatory and legislative efforts within the Kingdom's real estate sector. They reviewed REGA's comprehensive strategy and pioneering initiatives in real estate development, including off-plan sales systems, real estate contributions, and escrow account mechanisms.

The delegates also explored REGA's operational processes, such as issuing licenses and supervision. They were introduced to the services provided by the Saudi Real Estate Arbitration Center, which aims to enhance transparency and reliability in the sector.

The delegation visited the National Housing Company headquarters to observe its operational processes. This visit highlighted how platforms are developed and real estate services are monitored. Additionally, they toured facilities for off-plan sales and leasing operations to understand the operational team's mechanisms.

During these visits, the delegation members praised the systems, legislation, expertise, operational models, platforms, and real estate services they observed. They noted that these elements significantly contribute to enhancing reliability and transparency in Saudi Arabia's real estate sector.

Promoting Sustainable Urban Practices

The discussions also emphasized the importance of exchanging expertise and experiences to overcome challenges in the real estate sector. Both sides agreed that promoting sustainable urban practices is crucial for building vibrant and resilient urban communities that align with economic and social goals.

The meeting concluded with both parties expressing a strong commitment to continue their collaboration. They aim to foster growth in their respective real estate sectors through shared knowledge and best practices.

With inputs from SPA