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Saudi Shura Approves Real Estate Contribution, Energy Supply Regulations

Saudi Shura Approves Real Estate Contribution, Energy Supply Regulations

Tuesday, 28 June, 2022 - 09:15
The real estate law aims to regulate activity and raise the level of transparency (Asharq Al-Awsat)

The Saudi Shura Council approved new laws regulating the energy supply system, real estate contributions, and the sale and lease of real estate projects.

The energy supply system regulation aims to allocate all types of energy to its consumers in electricity, crude oil refining, petrochemical production, water desalination, industry, mining, agriculture and construction, communications, transportation, and logistics.

It also facilitates the issuance of licenses for natural gas and liquids activities that include transportation, processing, retail, gas purification, assembly, storage, local distribution, import and export, and sale.

The law, consisting of 38 articles, aims to regulate the activity, increase transparency and disclosure, and protect the rights of all real estate shareholders.

The real estate law of selling and renting on maps aims to keep pace with developments, address the problems and obstacles, and increase the efficiency of local capacities.

Meanwhile, in coordination with the relevant authorities, the Shura Council called on the Ministry of Investment to develop the necessary mechanisms for preparing and making available economic and investment reports.

The Council also urged a methodology for estimating the effects of foreign investment deals and their contribution to the domestic product and job creation.

During its 45th regular session, the Shura Council reiterated the importance of coordination with the royal and regional development authorities to prepare operational plans.

The Council called for coordination with the competent authorities to develop the necessary legal, organizational, and procedural tools to ensure the integration of the ministry's policies, programs, and initiatives with significant projects.

The meeting asserted the need to coordinate with the Ministries of Commerce and Human Resources and Social Development to develop rules concerning the issuance of investment licenses to reduce potential risks for their use in commercial concealment.

It also aims to enhance the effectiveness of such investments in the national economy.

The Council decided to develop the necessary legal and procedural tools in the ministry to regulate the venture capital sector and empower national funds.

It also seeks to develop an integrated strategy to market the Kingdom's investment opportunities as a leading investment option based on the "Invest in Saudi" platform.

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