National Real Estate Registration Services Company launched in KSA to digitalise and develop real estate sector
RER will work with the Real Estate General Authority and other government entities to build a digital platform that will provide a comprehensive real estate registration database covering all units of property in Kingdom
Saudi Arabia’s Public Investment Fund (PIF) has announced the launch of the National Real Estate Registration Services Company (RER), a new entity that aims to contribute to the digitalisation and development of the country’s real estate sector through a comprehensive digital platform.
A statement from PIF confirmed that the platform will be developed in cooperation with the Real Estate General Authority and other government entities. It said that RER aims to develop a digital platform to build a comprehensive real estate registration database covering all data of units of property in Saudi Arabia. The company will also provide property registration services according to best-in-field practices.
Big Project Middle East will host its Construction Intel Summit – KSA in the Kingdom on November 23 in Riyadh. Registration is complementary for construction professionals.
The National Real Estate Registration Services Company also aims to improve the quality of services and access for beneficiaries by developing procedures and mechanisms for registration. The company will adopt digital solutions to create a real estate registration database that includes public, commercial, residential and agricultural units and their geolocation data. This move will contribute to the sustainable development of the sector and promote transparency in real estate services and transactions, it added.
Raid Ismail, Co-Head of MENA Direct Investments at PIF, said: “We are delighted to launch the National Real Estate Registration Services Company. The new company’s use of advanced digital solutions in its operations, enabling it to link its platform to all relevant government entities, will enhance reliability and transparency in real estate services and data in Saudi Arabia. This in turn will increase the attractiveness of the investment ecosystem and grow the value of national real estate assets.”
The establishment of the company is in line with PIF’s strategy, which focuses on enabling and unlocking the capabilities of key sectors in Saudi Arabia, including real estate. The move is also part of the fund’s initiative to employ advanced technology to support the national economy in accomplishing Vision 2030 objectives.
In August 2022, Saudi-based developer Dar Al Arkan said it was eyeing aggressive regional and international expansion, while later in the month, CBRE said it was continuing its Middle East strategic development with a new country head in KSA.