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.
Saudi Arabia plans to set up a center to resolve disputes between tenants and landlords as authorities look to reform and modernize the way property is bought, sold, and leased in Saudi Arabia.
Saudi Arabia's Minister of Housing Majed al-Hogail said he expects investments in the real estate financing sector to reach between 60 billion Saudi riyals and 80 billion riyals ($21.33 billion) in 2019, according to Reuters on the sidelines of a housing conference in Riyadh.
Saudi Arabia's Eastern Province municipality is planning a model city comprising a residential, economic and tourism center in Half Moon Bay, Al-Aziziyah district, which is expected to create up to 90,000 jobs when complete.
The list of new or revitalized real estate developments in Riyadh grew this week with the announcement of a new multi-purpose district called "The Avenues Riyadh," located in the city's north west area.
JLL and LaSalle Investment Management’s 2016 Global Real Estate Transparency Index (GRETI) has increased Saudi Arabia's standing to "Semi-Transparent" after recent efforts by the Chambers of Commerce in Saudi Arabia.
Saudi Arabia's housing minister Majed al-Hogail gave an interview with Bloomberg last week in which he discussed the government's plans to create its own development company and start a mortgage-guarantee fund to encourage banks to increase lending for Saudis.
