| 18 Mar 2010 |
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Creation of real estate commission lauded
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RIYADH: The Council of Saudi Chambers of Commerce and Industry (CSCCI) has welcomed a proposal to establish a Supreme Real Estate Commission. The call was made at the Saudi Real Estate International Conference, which took place in Riyadh last week.
"Real estate is the Kingdom's most important sector after oil. The GDP of the real estate sector in the Kingdom rose by 50 percent during the 1999-2008 period, with an average annual growth of 5 percent," said Dr. Fahd Al-Sultan, secretary-general of the Council of Saudi Chambers of Commerce and Industry.
Al-Sultan added that real estate sector has 92 related active industries linked to one another and contributes about $14.7 billion to the Kingdom's national GDP.
"The commission will serve as an umbrella organization and a reference body for real estate affairs. It will also put in place regulations and legislations that will control the real estate industry and monitor its development," said Hamad Al-Shuawer, the real estate national committee chairman.
The commission will also create means and devices that contribute to the stability of the local real estate market. It will also coordinate and activate all of the organizations and legislations concerning the real estate sector," Al-Shuawer said.
He also emphasized the importance of incentives and the organization of real estate financial mechanisms through partnership with governmental and semi-governmental funds.
"This will support developing enterprises, particularly housing units, and the speedy establishment and organization of the secondary market," he said.
Al-Shuawer also called for the preparation of a suitable environment for real estate investment in general and for housing units in particular.
For the formation of a supreme real estate commission, Al-Shuawer read the recommendations from the real estate sector, which included the update and activation of systems and legislations that govern transactions organizing the real estate market such as issuance of a real estate mortgages act, updating the landlord society system, the property appraisal system and the personal registration of real estate properties.
Al-Shuawer stated that the timing of the conference was important for the growth and prosperity of the real estate sector where the Kingdom has succeeded in overcoming the repercussions of the global financial crisis.
In the beginning of the year, the Kingdom started implementing a new five-year plan for development and the real estate sector started to prepare for a sound take-off in the future as the sector is awaiting the issuance of some regulations to help overcome the remaining challenges.
On the occasion, Zaki Mohammed Al-Farisi presented a paper on factors positively affecting the real estate sector and the need to create an organizational climate and environment that would help the growth of real estate.
He also discussed the appropriate means that help overcome the obstacles that real estate investors encounter.
Majid Salah presented a paper on the significance of the real estate industry and the role of industrial commission in investment and its role in attracting the private sector.
Khalid Abdu Al-Gaffar, CEO of the Jeddah Center Development Company, talked about the importance of his company's projects and goals.
Ahmed Ba Kerman, CEO of Dar Al-Muntada Company for Development and Investment, explained and discussed the different uses of real estate investment
By Rodolfo C.Estimo Jr
© Arab News 2010
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