Saudi Arabia plans to move real estate transactions onto digital platform

10mln real estate ownership documents out of an estimated 100mln had already been digitized as part of the process: minister

  
A view of the city of Riyadh in Saudi Arabia, December 18, 2017. Image used for illustrative purpose.

A view of the city of Riyadh in Saudi Arabia, December 18, 2017. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser
 
DUBAI: A planned digital platform will allow properties to be bought and sold in Saudi Arabia, Saudi Minister of Justice, Walid Al-Samaani told Al Saudiya Channel, on Tuesday, Al Arabiya reported.

It would give investors peace of mind by guaranteeing the accuracy of information about the properties being transacted.

He added that some 10 million real estate ownership documents out of an estimated 100 million had already been digitized as part of the process.

Modernizing the real estate sector is a key part of the Kingdom’s efforts to diversify its economy.

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