Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has launched a company that aims to digitize and develop the local real estate sector through a comprehensive digital platform, according to a report in the UAE-based outlet The National.
The National Real Estate Registration Services Company (RER) will work with the Real Estate General Authority and other government entities to build a comprehensive real estate registration database covering data on property units in Saudi Arabia, PIF said in a statement on Sunday.
“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,” said Raid Ismail, co-head of Middle East and North Africa direct investments at PIF.
“This in turn will increase the attractiveness of the investment ecosystem, and grow the value of national real estate assets.”
