Saudi Arabia’s Public Investment Fund has set up a company to develop an online land registry in the Kingdom.
The new National Real Estate Registration Services Company (RER) is intended to digitize government records of real estate ownership and to develop an online property registry to record information about all units of real estate in the country.
The registry will eventually include data on residential, commercial, public, and agricultural real estate – marking geolocation data as well as ownership information.
The PIF said in a statement that the establishment of the company is part of a wider strategy to “[unlock] the capabilities of key sectors in Saudi Arabia, including real estate.”
”We are delighted to launch the National Real Estate Registration Services Company,” Raid Ismail, co-head of MENA Direct Investments at PIF said in a statement.
“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,” he added.
“This in turn will increase the attractiveness of the investment ecosystem, and grow the value of national real estate assets.”
Saudi Arabia is currently undergoing a massive boom in real estate development as the government looks to invest in different areas and diversify the economy away from oil.
The total value of real estate and infrastructure projects in the Kingdom has reached more than $1.1 trillion since Vision 2030 reforms began in 2016.
Around 555,000 new residential units are expected to be built by 2030, as well as 275,000 hotel rooms, 4.3 million square meters of retail space, and 6.1 million square meters of office space, according to a report published by real estate consultancy Knight Frank on September 6.
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