Riyadh - Sharikat Mubasher: Saudi Arabia’s Real Estate General Authority (REGA) launched an online platform to receive license applications and issue certificates for real estate contributions.
The launching ceremony was attended by Minister of Municipal Rural Affairs and Housing Majed Al-Hogail and Chairman of the Capital Market Authority Mohammed Elkuwaiz, in addition to several senior officials.
The platform helps developers apply for real estate contributions and allows facilities to create a unified file including all related data and information. Through its unified file, the facility will be able to view all licenses, follow up requests, and retrieve information to submit any applications without having to re-register them.
REGA’s CEO Abdullah Alhammad stated that the Real Estate Contributions Law will contribute to boosting investments in the real estate industry, enhancing real estate products, opening new financing and investment channels for developers, and providing promising investment opportunities for small and medium-sized enterprises (SMEs).
Alhammad added that the law will achieve sustainability in the real estate sector and create more job opportunities.
The CEO asserted that the new platform came as part of REGA’s efforts to regulate the real estate sector and digitize procedures related to real estate contributions.