Real Estate Contribution Law executive regulations to be issued in 120 days: official

The Real Estate General Authority (REGA) is set to issue the executive regulations for the new Real Estate Contributions Law within 120 days, which will include the licensing procedures and conditions, in coordination with the Capital Market Authority, said REGA's official spokesman Yaseer Almofrij.

He told Al-Ekhbariya TV that the regulations represent a new development phase that keeps pace with economic activity and developments in the real estate market, adding that they will attract investments to this sector, both from local and international investors.

The Saudi Cabinet, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, approved yesterday the Real Estate Contributions Law, according to Argaam's data.

The Real Estate Contributions Law aims to regulate the activity of real estate contributions, raise the level of transparency and disclosure, and protect the rights of all concerned parties. Furthermore, the law aims to open new financing channels for investors in the field of real estate development, as well as increase confidence in the sector by regulating procedures for issuing, managing and liquidating real estate contributions. It also contributes to increasing the supply of developed real estate products to serve the real estate market, thus keeping pace with the increase in demand, especially in the residential sector.

Source : Argaam