Chairman of Real Estate Regulatory Authority: Several Initiatives Will Soon Be Launched to Boost Real Estate Sector

Doha: HE Chairman of the Real Estate Regulatory Authority Eng. Khalid Ahmed Saleh Al Obaidli revealed that the authority will soon launch several initiatives in collaboration with relevant entities to boost the real estate sector in addition to plans to enhance the legislative framework, emphasizing the authority's commitment to being a catalyst and partner for the private sector in this regard. Al Obaidli made these remarks during an open dialogue organized by the Qatar Chamber, attended by HE Chairman of Qatar Chamber, Sheikh Khalifa bin Jassim Al-Thani. Participants discussed the challenges facing the real estate sector and explored collaborative solutions between the two parties. HE Eng. Al Obaidli emphasized the authority's keenness to learn about the challenges facing businessmen and investors in the sector. He noted that the state has implemented mega projects within a short time frame to host international events such as the FIFA World Cup 2022, affirming that this has helped accelerate the real est ate boom in the state. Al Obaidli underscored the authority's commitment to intensify discussions with all relevant bodies before enacting legislation and laws. Elaborating on its roles, he said that the authority aims to organize and stimulate the real estate sector, foster private sector growth, remove obstacles, and streamline procedures. Further, it aims to activate legislation and laws that contribute to the advancement of the real estate sector. It also works to collect business owners' viewpoints, study them, and address the relevant authorities to find appropriate solutions. HE Eng. Al Obaidli also outlined the authority's aims at stimulating and regulating the real estate sector, ensuring compatibility of laws and legislation with the market, attracting foreign investments, and issuing licenses for real estate developers. "One of the most important initiatives to be launched soon is the adoption of international real estate specifications that are commonly used in the leading countries in the rea l estate sector," he added. Regarding the most prominent upcoming projects, Al Obaidli pointed out that the authority would soon launch several initiatives with various stakeholders and develop the legislative structure, highlighting its commitment to serving as a motivator and partner for the private sector in this regard. It would also enact soon the Real Estate Development Regulation Law, addressing various challenges. Further, he indicated that the authority would establish a digital platform containing all authenticated information about the state's real estate market, and it would activate the real estate dispute resolution committees. In his remarks, HE Chairman of the Qatar Chamber, Sheikh Khalifa bin Jassim Al-Thani, said that the Qatari real estate sector has witnessed significant development in recent years, attributed to leading legislation and the state's substantial investments in infrastructure projects. He emphasized that this has led to an increased contribution of this vital sector to the national economy. His Excellency also noted that projects being implemented by the state under the Qatar National Vision 2030 provide additional opportunities for the development of the real estate market in the country with genuine participation from the private sector. He pointed out that the real estate sector is currently facing many challenges that require combined efforts to resolve. Source: Qatar News Agency