Qatar plans to establish new authority for real estate sector

By Shilpa Annie Joseph, Official Reporter
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The Cabinet of Qatar, chaired by the Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, has decided to take the required steps to establish a new authority tasked with regulating and developing the real estate sector.

The decision was made after the Cabinet listened to a presentation by the Minister of Municipality, HE Abdulla bin Abdulaziz bin Turki Al Subaie, on the outcomes of the work of the committee in charge of the real estate sector’s development strategy.

The minister addressed the assessment of the real estate sector’s main challenges and ways to address these challenges by developing a strategy that includes initiatives such as improving the sector’s governance, increasing the availability of real estate data, and stimulating real estate investment during his presentation.

Further, Mr. Al Subaie mentioned the committee’s recommendations, which include the formation of a new authority for real estate development, the development of a digital platform that collects and disseminates real estate data and statistics on the Qatari real estate market, and the formulation of policies in collaboration with the Qatar Central Bank to support individual real estate financing.

According to the reports, “The Cabinet also approved a draft resolution amending some provisions of resolution No. 11 of 2009 reorganizing the Permanent Population Committee. The draft resolution was prepared within the framework of the developments of the administrative restructuring of some authorities in the country.”

The Cabinet also took the necessary steps to ratify a formal memorandum of understanding (MoU) between Qatar’s Ministry of Justice and the Republic of Iraq’s Ministry of Justice. The Cabinet then approved a draft MoU on cooperation in the field of standardization activities between the government of Qatar and the government of Kuwait. It also approved a draft air services agreement between the government of Qatar and the government of the Central African Republic.

Related: UAE’s APPSTIRR brings out SaaS-based real estate solution ‘MORFOW’