The Public Investment Fund “PIF” today announced the launch of the National Real Estate Registration Services Company “RER”, which aims to contribute to the digitization and development of the local real estate sector through a comprehensive digital platform, in cooperation with the Real Estate General Authority and other government entities. “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.
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.
Co-Head of MENA Direct Investments at PIF Raid Ismail 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.