Saudi Gazette report
RIYADH —The Board of Directors of the Saudi Real Estate General Authority (REGA) has approved the regulatory framework for the Real Estate Sandbox. This framework aims to foster innovation in real estate technology within a flexible and stimulating environment that supports the development of digital solutions and enhances market efficiency.

This is among a package of decisions and regulatory enablers taken by the board meeting with the objective of raising the level of maturity of the real estate sector and enhancing its sustainability, in a way that contributes to achieving balance and regulating the real estate market. The board meeting was chaired by Minister of Municipalities and Housing and Chairman of the REGA Board of Directors Majid Al-Hogail, and attended by board members representing government agencies and the private sector.

The board meeting also endorsed an updated Owners Association Law and the commencement of its regulatory procedures. This update will contribute to improving the quality of life, safeguarding the rights of stakeholders, and raising the level of governance in real estate complexes.

The meeting emphasized that these decisions are guided by the directives of Crown Prince and Prime Minister Mohammed bin Salman and stem from a vision for the coming year aimed at consolidating the sector's maturity, correcting its course, and transitioning from the establishment phase to one of profound impact and sustainability. This will be achieved through effective governance, enabling innovation, and enhancing market efficiency, thereby achieving a balanced approach.

During the meeting, the board reviewed the implementation of previous decisions and directives. It also examined reports from the Executive Management and its subcommittees, discussed several items on its agenda, and made a number of decisions in this regard. Through its initiatives, the authority seeks to strengthen confidence and maximize the economic and developmental impact of the real estate sector, in line with the leadership's aspirations and the objectives of Saudi Vision 2030.