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PIF launches digital platform for Saudi Arabia’s real estate sector

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RER aims to build a comprehensive real estate registration database covering all data of property units in the kingdom.

Saudi Arabia’s Public Investment Fund (PIF) has launched the National Real Estate Registration Services Company (RER), a new digital platform which aims to develop the kingdom’s local real estate sector.

The platform will be developed in cooperation with the Real Estate General Authority, and other government entities, the sovereign wealth fund said in a statement.

RER aims to build a comprehensive real estate registration database covering all data of property units in the kingdom.

The database will include units across a range fo sectors, including public, commercial, residential and agricultural units and their geolocation data, the statement added.

“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,” Raid Ismail, co-Head of Middle East and North Africa direct investments at PIF, was quoted as saying.

“This in turn will increase the attractiveness of the investment ecosystem, and grow the value of national real estate assets.”

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