Eng. Khalid Ahmed Saleh Al Obaidli, the chairman of the Real Estate Regulatory Authority, has stated that in addition to plans to improve the legislative framework, the authority will soon launch several initiatives to boost the real estate sector in collaboration with relevant entities. This underscores the authority’s commitment to acting as a catalyst and partner for the private sector.
He confirmed that the state’s implementation of massive projects in a short amount of time to host international events, including the FIFA World Cup Qatar 2022, has accelerated the state’s real estate boom.
The adoption of international real estate standards, which are widely utilized in the top real estate-producing nations, is one of the most significant projects that will shortly be started, he continued.
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Speaking recently at a meeting hosted by the Qatar Chamber (QC) and attended by First Vice-Chairman Mohamed bin Twar Al Kuwari and QC Chairman Sheikh Khalifa bin Jassim Al Thani, Al Obaidli emphasized the authority’s desire to learn about the difficulties faced by investors and businesspeople in the industry. In reference to the most notable planned projects, Al Obaidli stated that the authority would shortly initiate several initiatives with different stakeholders and create the legislative framework, emphasizing its dedication to acting as a catalyst and collaborator with the private sector in this context.
Additionally, it will shortly implement the Real Estate Development Regulation Law, which will address a number of issues. Additionally, he stated that the Authority would activate the real estate dispute resolution committees and create a digital portal with all verified information regarding the state’s real estate market.
According to Eng. Al Obaidli, the authority wants to streamline processes, encourage growth in the private sector, organize and boost the real estate industry, and remove barriers. It also seeks to enact regulations and policies that support the development of the real estate industry. In order to identify suitable solutions, it also functions to gather the opinions of business owners, examine them, and speak with the right authorities. According to him, the authority’s goals are to encourage foreign investment, ensure that laws and regulations are in line with the market, and license real estate developers. It also seeks to boost and regulate the real estate sector.
When the businesses questioned Eng. Al Obaidli, he replied that talks to reevaluate service costs were now taking place with real estate developers. Furthermore, he emphasized that the authority gives priority to luring in both local and foreign investments from citizens and residents by providing them with exclusive incentives.
Chairman of Real Estate Regulatory Authority Eng. Khalid Ahmed Saleh Al Obaidli, QC Chairman Sheikh Khalifa bin Jassim Al Thani with other officials during the meeting.
In order to boost the real estate industry, the authority is presently getting ready to host the second edition of the conference in October.
He announced that a number of field trips showcasing investment potential in new cities will be arranged.
He also emphasized how important it is to advertise to foreign markets the investment potential in Qatar’s real estate market.
Sheikh Khalifa bin Jassim remarked in his remarks that the state’s large investments in infrastructure projects and pioneering legislation have been responsible for the notable growth of the real estate market in Qatar in recent years. He emphasized that as a result, this important sector’s contribution to the national economy has expanded.
Additionally, Sheikh Khalifa pointed out that state-run initiatives under the Qatar National Vision 2030 offer more chances for the nation’s real estate market to grow with sincere private sector involvement.
He made the point that the real estate industry is now dealing with a number of issues that need for teamwork to overcome. Mohamed bin Twar emphasized in his speech the importance of the real estate industry as one of the most significant economic sectors.
The chairman of the Real Estate Committee and a board member, Abdulrahman bin Abduljaleel Al Abdulghani, emphasized the committee’s goal of promoting cooperation with the relevant authorities and organizations in order to resolve any issues and expedite investments and business ventures in the real estate sector.
Stressing that the committee serves as a conduit between the public and private sectors, he reaffirmed that the committee would monitor the outcomes of this meeting as part of its mandate to improve collaboration with real estate companies and comprehend the most significant difficulties they confront.
The Acting General Manager, many members of the Real Estate Committee, several QC board members, and several businessmen from Qatar were also present at the meeting.
