Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) has launched the National Real Estate Registration Services Company (RER) to promote digital transformation and drive development in the real estate sector of the Kingdom.
PIF said in a statement that the new company aims to contribute to the digitization and development of the local real estate sector through a comprehensive digital platform, in cooperation with the Real Estate General Authority and other government entities.
Furthermore, RER intends to develop a digital platform to build a comprehensive real estate registration database covering all data of units of property in Saudi Arabia. The company will also provide property registration services according to best-in-field practices.
“We are delighted to launch the National Real Estate Registration Services Company. The new company’s use of advanced digital solutions in its operations, enabling it to link its platform to all relevant government entities, will enhance reliability and transparency in real estate services and data in Saudi Arabia. This in turn will increase the attractiveness of the investment ecosystem, and grow the value of national real estate assets.”
The establishment of the company is in line with PIF’s strategy, which focuses on enabling and unlocking the capabilities of key sectors in Saudi Arabia, including real estate.
The move is also part of the Fund’s initiative to employ advanced technology to support the national economy in accomplishing Vision 2030 objectives.
According to the statement, “The National Real Estate Registration Services Company also aims to improve the quality of services and access for beneficiaries by developing procedures and mechanisms for registration.”
PIF further noted that the new company will adopt digital solutions to create a real estate registration database that includes public, commercial, residential, and agricultural units and their geolocation data. This move will contribute to the sustainable development of the sector and promote transparency in real estate services and transactions.