Saudi Arabia’s Public Investment Fund has launched the National Real Estate Registration Services Company (RER), to contribute to the digitisation and development of the local real estate sector through a comprehensive digital platform.
RER will cooperate 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 Public Investment Fund is global impactful investor; the Public Investment Fund (PIF) has a world-class investment portfolio with a focus on sustainable investments, both domestically and internationally. It has already invested $620 billion in 13 strategic sectors
The National Real Estate Registration Services Company will also work to improve the quality of services and access for beneficiaries by developing procedures and mechanisms for registration.
As per the news, the company will adopt digital solutions to create a real estate registration database that includes public, commercial, residential and agricultural units and their geo-location data.
Raid Ismail, Co-Head of MENA Direct Investments at PIF, stated, “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.
