News

PIF launches real estate registration service

Saudi ArabiaPublic Investment Fund (PIF), the Saudi-based wealth fund, has launched the National Real Estate Registration Service (RERS), an initiative designed to help the digitisation of the kingdom’s property sector. The service has been established in partnership with a number of government entities including the Real Estate General Authority The aim is to develop a digital database covering all units of property in Saudi Arabia and the related data. According to the PIF, this will make the sector more transparent and sustainable and ultimately more attractive to international investors. “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,” said Raid Ismail, co-head of Mena direct Investments at PIF. “This in turn will increase the attractiveness of the investment ecosystem and grow the value of national real estate assets,” he added. ©2022 funds global mena

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