PIF Launches National Real Estate Registration Services Co.

PIF Launches National Real Estate Registration Services Co.

Saudi Arabia’s Public Investment Fund (PIF) has launched the National Real Estate Registration Services Co. to help regulate and develop the local real estate sector through a comprehensive digital platform.

Real estate experts confirmed to Asharq Al-Awsat that the Kingdom is working to facilitate accurate property documentation procedures.

This will stimulate the private sector and national and foreign capital to invest in and develop the Kingdom’s real estate sector so that it matches Saudi aspirations for the next stage.

Last week, Saudi Arabia issued executive regulations for the real estate registration system, with the aim of building an e-registry of lands and properties.

The Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said that the launch of the new company is a qualitative step that will enhance reliability and transparency in real estate ownership.

Al-Hogail also noted that the National Real Estate Registration Services Co. will help in reducing disputes by building a real estate registry.

For his part, Abdullah Al-Hammad, CEO of the General Real Estate Authority, stated that the launch of the company aligns with PIF’s goals for launching and empowering main sectors to play their role in raising the domestic product and increasing non-oil revenues.

Al-Hammad stated that the company aims to