Doha: Their Excellencies, the Chairpersons and Representatives of the Real Estate Authorities of the GCC States, convened their first meeting in Doha on Saturday under the auspices of the Real Estate Regulatory Authority (Aqarat). A statement by Aqarat reported that the meeting discussed the items on the agenda. As the meeting progressed, the deliberations were filled with the spirit of collaboration and a desire to achieve further corporate coordination and regulatory integration among the member states.
According to Qatar News Agency, the meeting endorsed a raft of decisions and recommendations, ushering in a new era of joint Gulf action in the area of real estate. They stressed the importance of crystallizing a unified Gulf vision for the advancement of this sector based on the principles of sustainability and quality of life, in full integration with the objectives of GCC Vision 2030, the statement read.
The statement further indicated that the meeting agreed to bolster communication mechanisms and expand the areas of sharing expertise and imparting knowledge, something that would generalize the best regulatory and administrative practices, in addition to holistically upscaling the efficiency of this sector in all GCC states.
The participants reached unanimity on the criticality of commissioning a permanent committee of experts to engage in regulating this sector in the GCC states, operating under the banner of the GCC General Secretariat to weigh topics of common interest and suggest development initiatives and programs that contribute to enhancing joint Gulf action.
Real estate authorities in the member states have been entrusted to coordinate with their relevant authorities to weigh in on a mechanism to establish the committee in accordance with the enforced measures in each state, as nominations and suggestions shall be submitted to the General Secretariat for further actions.
The meeting concluded with particular emphasis on the importance of proceeding with coordination and consultation among the real estate authorities, thereby strengthening corporate and legislative integration and supporting sustainable development efforts for the Gulf real estate sector, enabling it to continue its critical role in achieving economic and social prosperity in the GCC states.
Noteworthy, Aqarat is the government entity responsible for issuing policies and regulatory rules for this sector in the State of Qatar, whose key mission is to shore up the sector’s governance and competence, in addition to establishing a secure and attractive investment environment and protecting the rights of all developers, investors, and beneficiaries.
This convention came at a pivotal moment as the GCC states move full steam ahead toward economic diversification, stemming from a long-term strategy and mammoth ventures that shape new frontiers of urban economic future for the region, highlighted Chairman of Aqarat, Eng. Khalid bin Ahmed Al Obaidli.
Al Obaidli further noted that this sector in Qatar is one of the key augmenters of economic growth, as evidently demonstrated in the growing activity in real estate trading and the steadfast burgeoning of registered lease contracts and sale transactions, serving as clear indicators of investors’ robust confidence in the sector, the market’s dynamism, and the diversity of demand.
For his part, CEO of the Real Estate General Authority in the Kingdom of Saudi Arabia, Abdullah Saud Al Hammad, expressed his gratification for participating in this meeting, affirming that it represents a vital step toward boosting cooperation and integration among the GCC states in this sector.
The deliberations focused on avenues for collaboration and sharing outstanding expertise among the GCC countries, given the diverse economic models and excellence in a variety of real estate aspects, in pursuit of imparting successful experiences, bridging hurdles that could affect this sector, and ultimately elevating the level of maturity and quality in the Gulf real estate market, Al Hammad highlighted.
Al Hammad extended his gratitude to the colleagues in Aqarat for spearheading this meritorious initiative. He wished the initiative could be the first step of an advanced pathway to integration and joint action among the Gulf states in advancing this sector.
The convention comes in line with the directives of Their Majesties and Highnesses, the leaders of the GCC States, aiming to cement cooperation and integration in the economic and development areas as part of the joint Gulf commitment to shoring up this sector and entrenching its role in supporting sustainable development and achieving the targets of the upcoming period.