Real Estate Contribution Law to boost supply, says REGA CEO

Abdullah Alhammad, CEO of Real Estate General Authority (REGA)

The recently approved Real Estate Contribution Law will contribute to increasing the supply of commercial and residential real estate products, given that it is a new financing and investment channel for real estate developers, said Abdullah Alhammad, CEO of Real Estate General Authority (REGA).

In a statement, Alhammad added that the law will enhance investor confidence in the local real estate sector as it aims to preserve the rights of all parties and will eliminate the random and irregular real estate contributions, as well as the governance of control and compliance.

In addition, the law will help create promising investment opportunities for small or medium-sized enterprises (SMEs) in the real estate market and will provide a new and reliable real estate investment channel.

The Saudi Cabinet recently approved the Real Estate Contributions Law, as reported earlier by Argaam.