REGA CEO says real estate sector 'of great economic importance'; linked to more than 120 industries

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

The real estate sector is of great economic importance, and is an influential sector in local content, as it is linked to more than 120 industries, said Abdullah Alhammad, CEO of Real Estate General Authority (REGA).

He added that the new legislations, which secured controls and stability, preserved rights and spurred the investment environment, have paved the way for targeting opportunities by young people, with the real estate industry becoming more innovative and artistic, according to Saudi Press Agency (SPA).

Furthermore, there has become high real estate ambitions, driven by the Kingdom’s Vision 2030. The sector now has a set of updated legislations integrated with numerous regulations that enable and attract creative ideas and innovation, the official said.

The statement came during the inauguration of the first series of real estate community meetings, organized by the Riyadh Chamber — represented by the real estate committee.

The event saw the presence of real estate entrepreneurs and other interested parties, with the aim of discussing the present, future, challenges and opportunities of real estate sector.