The Real Estate General Authority (REGA) and the Saudi Facility Management Company signed a memorandum of understanding in the presence of REGA’s Chief Executive Officer, Engineer Abdullah bin Saud Al-Hammad, and the Saudi Company’s Chief Executive Officer, Engineer Adel bin Ibrahim Al-Ruwaishdi.
The memorandum aims to strengthen cooperation in developing standards for real estate facility management. It includes studying the establishment of a coordination council between relevant entities to govern and regulate the real estate facilities sector, as well as developing the necessary standards for its organization. The agreement also seeks to enhance collaboration on local market studies, monitor challenges and investment opportunities, and support the growth and advancement of the real estate facilities sector. Additionally, the memorandum outlines cooperation in developing and qualifying real estate facility management practitioners—both individuals and establishments—based on global best practices. It includes building a proposed model for the licensing journey of establishments wishing to engage in facility management, aiming to improve service efficiency, support market growth, achieve operational sustainability, and enhance quality of life. The parties will also work together to develop digital solutions to improve the quality of services provided within the real estate facility management sector in the Kingdom.
The memorandum was signed during REGA’s participation in the “MEFMA ConFex” 2023 conference and exhibition, organized by the Middle East Facility Management Association (MEFMA) under the theme “Facility Management in the Digital Age – Towards Adopting a Smart Future,” held in Riyadh.
Through this memorandum, REGA aims to regulate real estate activities, raise their efficiency, promote investment in the sector, and provide necessary support to partners—contributing to the advancement of the real estate sector in line with economic and social development goals, the national real estate strategy, and the objectives of Vision 2030.
