RIYADH: ROSHN, a real estate company owned by Saudi Arabia’s Public Investment Fund, and the General Authority for Real Estate on Thursday signed a memorandum of understanding to unify efforts in developing the sector.
The agreement aims to build a model for the real estate sector and real estate projects that will better serve investors, Saudi Press Agency reported.
The deal includes monitoring all stages of real estate projects, starting with ownership and listing them in the real estate registry to handing over the units to the new owner.
The General Authority for Real Estate, through its partnerships with governmental and non-governmental sectors, seeks to organize and supervise the non-governmental real estate sector, develop it and raise its efficiency and transparency, and maintain its sustainability.
ROSHN is accelerating its efforts for a more sustainable real estate sector in the Kingdom. The company signed on Wednesday a memorandum of understanding with the National Housing Co. to build sustainable residential communities, according to a statement.