Move intended to boost business development in the Kingdom
Saudi Arabia’s cabinet has approved the conversion of the State Property Department into a general authority – the General Real Estate Authority, so as to enhance the efficiency of the Kingdom’s assets management.
According to a report by Argaam, the new entity will be in charge of state properties and defining the best investment opportunities, citing Yarob Al Thunayan, the undersecretary of the Ministry of Finance for Communication and Information.
“The independence of the general real estate authority will give the entity more room for business development. Accordingly, it will directly or indirectly set up many new firms,” he stated.
The authority will also work closely with the private sector to develop the state’s assets, Al Thunayan added. Furthermore, the General Real Estate Authority will also be in charge of laying out policies and developing a related database, in line with Saudi Vision 2030, he said.