“The project for setting up the commission will be submitted to the Shoura Council for approval shortly. Elaborate viability studies have been conducted by experts for the setting up of the commission,” Chairman of the National Real Estate Committee Hamad Al-Showaier said after a meeting held with businessmen at Jeddah Chamber of Commerce and Industry. The National Real Estate Committee is a subsidiary of CSCCI.

The commission will launch huge real estate projects with the additional aim of solving worsening social issues such as unemployment and shortage of housing, especially for low income groups,” Al-Showaier said.

Speaking on the organizational and administrative aspects of the commission, Al-Showaier said its bylaws would be formulated in such a way that they guarantee solutions to the present issues in the real estate sector in addition to creating an atmosphere of investment confidence. Its regulations will also help reducing unnecessary wastage of money resulting from legal disputes besides protecting rights of all parties, he said.

The commission will also increase opportunities to own properties by Saudis.

The feasibility studies were conducted by a private company. It has also laid down the legal and administrative structure and responsibilities of the commission, he said.