Majed Al Hogail, Minister of Municipal and Rural Affairs and Housing said that the Real Estate Contributions Law aims to regulate the activity of real estate contributions, raise the level of transparency and disclosure, and protect the rights of all concerned parties, according to Saudi Press Agency.
Furthermore, the law aims to open new financing channels for investors in the field of real estate development, as well as increase confidence in the sector by regulating procedures for issuing, managing and liquidating real estate contributions, the minister stated.
He added that the law also contributes to increasing the supply of developed real estate products to serve the real estate market, thus keeping pace with the increase in demand, especially in the residential sector.
Al-Hogail also stressed that the law is an extension of the real estate legislation system that is supervised by the Real Estate General Authority and contributes effectively to achieving the goals of Saudi Vision 2030, as well as the related initiatives and programs.
The Saudi Cabinet, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, approved today the Real Estate Contributions Law, according to Argaam’s data.
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