Public Invited To Provide Feedback On Six Key Projects Via Istitlaa Platform

The National Competitiveness Center's Istitlaa platform has introduced six projects focused on economic and development matters. These projects, developed with six government agencies, invite feedback from the public, government bodies, and private sector before final approval. This initiative aims to enhance transparency and public involvement in legislative processes.

A significant project on Istitlaa is the 'Amendment to Financial Regulations for Cultural Activities,' crafted by the Ministry of Culture. This project seeks to empower cultural and artistic initiatives, aligning with Saudi Vision 2030 goals. It aims to boost the cultural ecosystem's role in society. Feedback for this project can be submitted through Istitlaa until a specified date.

The Capital Market Authority is gathering public input on a 'Draft Regulatory Framework for Close-Out Netting for Capital Market Institutions.' This framework aims to bolster financial stability and legal certainty by regulating netting agreements and related financial collateral arrangements. These involve qualified financial contracts under the authority’s supervision, ensuring enforceability during normal operations and bankruptcy proceedings.

Real Estate Sector Transparency

The Real Estate General Authority seeks public feedback on a 'Procedural Guide for Real Estate Off-Plan Projects.' This guide aims to improve transparency and efficiency in real estate transactions, benefiting investors and consumers alike. It clarifies procedural requirements for selling and renting off-plan real estate projects where the authority is involved. Public consultation will end on a designated date.

By introducing draft regulations and similar projects via Istitlaa, the platform underscores its commitment to transparency in legislation. It encourages public participation by allowing citizens, government entities, and private sectors to provide insights on proposed business environment regulations.

With inputs from SPA