Saudi Arabia’s Real Estate General Authority is set to introduce its first facility management regulation in the first quarter of 2024, as announced by its CEO, Abdullah Al-Hammad. This significant step aims to enhance the credibility and investment appeal of the housing sector while overseeing real estate facilities.
The initiative reflects the authority’s commitment to standardize and regulate facility management operations, aligning with the broader goals of the Saudi real estate industry. Al-Hammad made this announcement during his address at the Middle East Facility Management Association Confex 2023 in Riyadh, held under the theme “Facility Management in the Digital Age – Towards Adopting a Smart Future.”
Emphasizing the importance of the real estate sector in the Saudi economy, Al-Hammad highlighted the strong support it receives from the Kingdom’s leadership. The sector has made substantial progress, contributing 6.1 percent to the national gross domestic product and holding a 12.7 percent share in non-oil activities as of the second quarter of 2023.
He also discussed the real estate mediation system, which has been in operation for three months, noting its potential to develop the sector, streamline processes, and better serve its stakeholders.
