General Real Estate Authority to develop Saudi assets: official

Conversion of the State Property Department into a general authority will help enhance the efficiency of the Kingdom’s assets management, Yarob Al-Thunayan, Undersecretary of the Ministry of Finance for Communication and Information, told Al-Arabiya TV on Sunday.

“The independence of the general real estate authority will give the entity more room for business development. Accordingly, it will directly or indirectly set up many new firms,” Al-Thunayan added.

 The authority will also work closely with the private sector to develop the state’s assets.

Last week, the Saudi cabinet approved converting the State Property Department into a general authority, to be named General Real Estate Authority, Argaam reported.

The new entity would be in charge of the state properties and would define the best investment opportunities, lay out policies and develop a related data base, in line with Saudi Vision 2030.