Saudi’s Public Investment Fund (PIF) announced the launch of the National Real Estate Registration Services Company (RER), which 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.
RER aims to develop a digital platform to build a comprehensive real estate registration database covering all data of property units in Saudi. The company will also provide property registration services according to best-in-field practices.
Raid Ismail, Co-Head of MENA Direct Investments at PIF, said: ”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.
The National Real Estate Registration Services Company also aims to improve the quality of services and beneficiaries’ access by developing registration procedures and mechanisms.
The company will adopt digital solutions to create a real estate registration database that includes public, commercial, residential, and agricultural units and geolocation data. This move will contribute to the sustainable development of the sector and promote transparency in real estate services and transactions.
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.