The National Real Estate Registration Services Company (RER) has been established, according to a statement released on Sunday by Saudi Arabia’s Public Investment Fund (PIF).
The new platform is aimed at the digitization and development of the local real estate sector, in cooperation with the Real Estate General Authority and other government entities.
RER’s digital platform will help build a comprehensive real estate registration database covering all data of units of property in the Kingdom.
This move will contribute to the sustainable development of the sector and promote transparency in real estate services and transactions, the statement said.
RER will also provide property registration services according to best-in-field practices, the statement said, adding procedures and mechanisms for registration will be developed to improve service quality.
“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,” PIF co-head of MENA direct investments Raid Ismail said.
Ismail added the new platform “will increase the attractiveness of the investment ecosystem, and grow the value of national real estate assets.”
RER will adopt digital solutions to create a real estate registration database that includes public, commercial, residential and agricultural units and geolocation data.
The company’s establishment 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,” the statement said.
Saudi Vision 2030 is a strategy plan to lessen the Kingdom’s reliance on oil, diversify its economy, and expand public services in areas like health, education, infrastructure, recreation, and tourism.
