Saudi’s PIF launches real estate registration services company to bolster digitisation

Saudi Arabia’s Public Investment Fund has announced the launch of a company which aims to help digitise and develop the local real estate sector through a comprehensive digital platform.

The National Real Estate Registration Services Company (RER), will work with the Real Estate General Authority and other government entities, to develop a digital platform to build a comprehensive real estate registration database covering all data of property units in Saudi Arabia, PIF said in a statement on Sunday.

#PIF announces 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.

Learn more: https://t.co/9J7GNnhUGa pic.twitter.com/NCsHKmUAZG

— Public Investment Fund (@PIF_en) September 4, 2022

The real estate registration database will include public, commercial, residential and agricultural units and their geolocation data, and will promote transparency in real estate services and transactions, the statement added. The company will also provide property registration services according to 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. This in turn will increase the attractiveness of the investment ecosystem, and grow the value of national real estate assets.”

Establishing the company is in line with PIF’s strategy, which focuses on enabling key sectors in Saudi Arabia, including real estate. The decision also forms part of the fund’s initiative to employ technology to support the national economy in accomplishing Vision 2030 objectives.