Riyadh - Sharikat Mubasher: Saudi Real Estate General Authority (REGA) signed a memorandum of understanding (MoU) with the Public Investment Fund (PIF) to enhance the Saudi real estate sector, the company revealed in a statement.
The agreement was signed during the PIF’s Private Sector Forum 2024 by Abdullah Alhammad CEO of REGA, and Ayman Al-Mudaifer, Head of the Local Real Estate Investments Division at the PIF, in the presence of the Minister of Municipal Affairs and Housing Majed Al Hogail and Yasir Al-Rumayyan, Governor of PIF.
The agreement aims to develop the regulatory framework to stimulate the private sector’s growth, enhance transparency in the sector, provide opportunities, and elevate the skills of junior professionals in the sector.
Under the agreement, both parties will join efforts to provide necessary incentives to attract global real estate leaders to invest in the Kingdom.
The agreement also targets enabling four centers to transform the Kingdom into a hub for real estate technology. The first is the adoption center which will create demand for real estate technology solutions while the solution center will boost the supply of these technologies.
Moreover, the capital center will encourage investors by providing capital based on real estate technology, while the enablement center will accelerate the growth of the real estate technology sector in the Kingdom.
The second edition of the Private Sector Forum takes place from 6 to 7 February with the participation of more than 80 PIF portfolio companies and over 20 public sector leaders.
It serves as a platform for collaboration, unveiling new opportunities, and empowering the private sector to spearhead economic growth and achieve national goals.
