In a significant move, Saudi Arabia has set its sights on the implementation of the country’s inaugural legislation for facility management within the real estate sector during the first quarter of 2024. Eng. Abdullah Al-Hammad, CEO of the Real Estate General Authority (REGA), made this groundbreaking announcement during the conclusion of the two-day MIFMA CONFEX 2023, held in Riyadh under the theme “Facility management in the digital age — embracing a smart future.”
Emphasizing the strategic importance of the forthcoming legislation, Al-Hammad underscored its role in bolstering the reliability and investment appeal of the sector. With the proposed legislation seeking to regulate and govern operations in this sphere, Saudi Arabia aims to foster an environment that promotes transparency, efficiency, and increased investment in the real estate domain.
Highlighting the paramount significance of the real estate sector within the national economy, Al-Hammad reiterated the unwavering support extended by the government to fortify and develop the sector comprehensively. He emphasized the government’s efforts in enhancing supervision mechanisms, driving efficiency, and fostering a conducive environment for heightened contributions to the Gross Domestic Product (GDP). According to recent statistical figures, the real estate sector’s contribution to GDP reached an impressive 6.1 percent in the second quarter of 2023, with real estate activities making up 12.7 percent of the non-oil sector.
Al-Hammad further highlighted the pivotal role of the recently enacted Real Estate Brokerage Law, positioning it as a cornerstone in the realm of real estate development and governance. This law has been instrumental in fostering digitization, enhancing operational efficiency, and establishing a climate of reliability and transparency across all real estate activities.
The conference, graced by esteemed experts and specialists in the field of facility management, served as a platform to showcase best practices and experiences in the digital age. Discussions centered on the adoption of modern technologies to elevate the sector’s efficiency and highlight the significance of facility management within the broader landscape of sustainable national and digital transformation aligned with the objectives of Saudi Arabia’s Vision 2030.
Complementing the conference were a series of specialized workshops and sessions that delved into the latest trends and technologies within the facility management sector, with a particular focus on data-driven facility management and the sector’s trajectory towards achieving sustainable operational excellence. This concerted effort reflects Saudi Arabia’s commitment to fostering a dynamic, transparent, and future-ready real estate ecosystem.
