The Board of Directors of the Saudi Arabia’s Real Estate General Authority (REGA) has approved several initiatives that will help raise the level of maturity of the real estate sector in the country and enhance its sustainability.
Among a package of decisions and regulatory enablers okayed in the board meeting is the regulatory framework for the Real Estate Sandbox. This framework aims to foster innovation in real estate technology within a flexible and stimulating environment that supports the development of digital solutions and enhances market efficiency.
The board meeting was chaired by Majid Al-Hogail, Minister of Municipalities and Housing and Chairman of the REGA Board of Directors, and attended by members representing government agencies and the private sector.
Also endorsed was the updated Owners Association Law and the commencement of its regulatory procedures. This update will contribute to improving the quality of life, safeguarding the rights of stakeholders, and raising the level of governance in real estate complexes.
The board said that these decisions will help achieve effective governance, enable innovation, and enhance market efficiency.
During the meeting, the board also reviewed the implementation of previous decisions and examined reports from the Executive Management and its subcommittees.
Through its initiatives, REGA seeks to strengthen confidence and maximise the economic and developmental impact of the property sector.
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