New productivity measure could boost GCC GDP by $2.5tn: Strategy& Middle East

New productivity measure could boost GCC GDP by $2.5tn: Strategy& Middle East
New productivity measure could boost GCC GDP by $2.5tn: Strategy& Middle East

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Jeddah - Yasmine El Tohamy - RIYADH: Property developers in Saudi Arabia can now seek licenses and qualifications through a new electronic platform launched by the Real Estate General Authority.

This initiative, unveiled in the presence of Majid Al-Hogail, minister of municipal and rural affairs and housing and chairman of REGA, alongside Mohammed El-Kuwaiz, chairman of the Capital Market Authority, is set to streamline the application process for real estate contributions.

REGA announced that developers looking to jumpstart their projects can now electronically submit their applications for qualification or licensing through the new platform.

Set to facilitate the creation of a unified entity file and storing all pertinent information and data, the new tool aims to simplify access to licenses and application tracking.

The system also eliminates the need for re-registration by allowing easy retrieval of information for future submissions.

Abdullah Al-Hammad, the CEO of REGA, highlighted that the real estate contributions system is designed to boost investment efficiency within the property development sector and enhance the quality of real estate products.

This is expected to increase the supply of commercial and residential properties, expand financing avenues for developers, and create investment opportunities, particularly for small and medium-sized enterprises.

Moreover, it aims to stimulate real estate development activity and generate employment opportunities within the Saudi market.

Al-Hammad further stated that the electronic platform for real estate contributions aligns with the authority’s commitment to regulate the property sector, digitize operations, and ensure the governance and oversight necessary to build investor confidence.

Furthermore, the CMA has officially announced the instructions for offering real estate investment traded funds, alongside amending the rules for offering securities and continuing obligations.

This strategic move is rooted in the CMA’s role for issuing real estate participation certificates that prove an investor’s ownership in the real estate contribution and coordinating with REGA regarding the organization of fund collections.

The newly adopted instructions aim to regulate the registration and offering of real estate investment traded fund certificates, according to a report by the Saudi Press Agency.

This includes setting the necessary requirements to be fulfilled before they can be offered, marketed, announced, or funded, and the demands for private and public offerings of these certificates.

Additionally, it organizes the obligations of the financial market institution through which the offering will be conducted, the regulation of the shareholders’ register, and the requirements for maintaining books and records.

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