Saudi Arabia has tasked the Real Estate General Authority to regulate rules and procedures related to the distribution of state properties on government or non-governmental bodies. The measure is aimed at standardizing, protecting, preserving and micro-managing state property.
The authority has the power to set up or partner in firms to help in achieving its goals.
The Saudi cabinet recently approved converting the State Property Department into a general authority, to be named the General Real Estate Authority.
The new entity would be in charge of state properties and would define the best investment opportunities, lay out policies and develop a related database, in line with Saudi Vision 2030.
The Authority enjoys financial and administrative independence and has its head offices located in Riyadh. Branches of the Authority will be built across the Kingdom according to necessity.
The independence gives the entity more room for business development, which will play into directly or indirectly setting up many new firms.
More so, the Authority is expected to work closely with the private sector to develop the state’s assets
According to an official decree issued and approved by the Council of Ministers, the Authority, in coordination with the Ministry of Finance, will be able to access and transfer all relevant state assets documents.
The decree added that the Authority is entitled to set up individual companies, or consignment of entities, in order to enable to perform its tasks and meet its objectives.
It may assign some of its functions to these companies, in coordination with the elected authority government, the appropriate mechanisms that allow the body to balance and manage its allocated or earned budget.
