PIF Launches National Real Estate Registration Services Company

The Public Investment Fund (“PIF” or the “Fund”) today announced the launch of the National Real Estate Registration Services Company (“RER”), which aims to contribute to the digitization and development of the local real estate sector through a comprehensive digital platform, in cooperation with the Real Estate General Authority and other government entities.  “RER” aims to develop a digital platform to build a comprehensive real estate registration database covering all data of units of property in Saudi Arabia. The company will also provide property registration services according to best-in-field practices.

The National Real Estate Registration Services Company also aims to improve the quality of services and access for beneficiaries by developing procedures and mechanisms for registration. The company will adopt digital solutions to create a real estate registration database that includes public, commercial, residential and agricultural units and their geolocation data. This move will contribute to the sustainable development of the sector and promote transparency in real estate services and transactions.

Raid Ismail, Co-Head of MENA Direct Investments at PIF, said: ”We are delighted to launch the National Real Estate Registration Services Company. 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. This in turn will increase the attractiveness of the investment ecosystem, and grow the value of national real estate assets.”

The establishment of the company is in line with PIF’s strategy, which focuses on enabling and unlocking the capabilities of key sectors in Saudi Arabia, including real estate. The move is also part of the Fund’s initiative to employ advanced technology to support the national economy in accomplishing Vision 2030 objectives.

About PIF

The Public Investment Fund (“PIF”) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the Board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, the Fund’s board of directors has been chaired by HRH Prince Mohammed bin Salman Al Saud, Crown Prince, Deputy Prime Minister and Chairman of the Council for Economic and Development Affairs. As of the end of Q1 2022, PIF’s Assets Under Management have reached more than $620 billion (over 2.3 trillion Saudi Riyals). The Fund plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, the Fund has established 56 companies and created, directly and indirectly, more than half a million jobs as at the end of 2021.

PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. The Fund’s strategy, as set out in the PIF Program 2021-2025 – one of the Vision 2030 realization programs – aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least 150 billion riyals annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy in Saudi Arabia. As the investment arm of Saudi Arabia, the Fund looks to make unique investments, and is building strategic alliances and partnerships with prestigious international institutions and organizations, which contribute to achieving real long-term value for the Kingdom in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.