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The Saudi Cabinet, chaired by King Salman, recently approved the Real Estate Contributions Law.
The official gazette Umm Al-Qura published today, July 21, the details of the law that aims to regulate real estate contributions, raise the level of transparency, as well as protect the rights of all related parties.
Under the law, the Real Estate General Authority (REGA) will be in charge of regulating the real estate contributions as per the law and its regulations.
The authority will be also responsible for issuing, amending, and revoking the license, in addition to classifying real estate contributions in terms of size, type, or location, as well as setting appropriate conditions, requirements, and periods for contributions.
Further, REGA will set conditions for qualifying and classifying real estate developers for the purpose of offering real estate contributions. It will also set conditions for qualifying and classifying practitioners of the real estate contributions.
The authority will monitor and supervise the real estate contributions, and it may seek the help of any other government entity or the private sector to perform any task assigned to it as per the law and its regulations.
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