Urgent – 4 stages…launching the regulatory framework to achieve competitiveness in the real estate sector

The authority explained that the regulatory framework provides a legislative environment that allows participants to innovate and test real estate technology solutions before putting them on the open market, which enhances the readiness of the models for regulatory compliance, and contributes to the localization of real estate technologies within the Kingdom.

The experimental regulatory environment

It indicated that the regulatory framework defined the scope of the environment and eligibility criteria for participation, stressing the need for technical models to be characterized by innovation and achieving added value, while providing operational readiness, customer protection plans, and financial sustainability during the testing period.

Four Stages

The Authority confirmed that joining the environment goes through four main stages that include submission, evaluation Readiness, testing, and then exiting the environment after obtaining the necessary licenses, as the testing period extends from 6 to 24 months, with performance monitored through measurement indicators and periodic reports, in order to ensure the safety of dealing with customers before launching in the market.

It is noteworthy that the launch of the regulatory framework for the experimental regulatory environment reflects the General Authority’s commitment to creating a regulatory environment that stimulates innovation, and empowering entrepreneurs and innovators in real estate technologies, in order to achieve the growth of a more efficient and sustainable real estate sector, and support the competitiveness of the Saudi market in terms of At the local and international levels.