Statute of the Real Estate General Authority

In this Statute, the following words and phrases shall have the meanings assigned thereto, unless the context requires otherwise:
Minister: Minister of Housing.
REGA: Real Estate General Authority.
Board: REGA's board of directors.
Chairman: Board's chairman.
Governor: REGA's governor.
Statute: Statute of the Real Estate General Authority.
License: A document issued by REGA authorizing its holder to engage in one or more real estate activities.
Real Estate Activity: One or more services carried out for the provision of specific real estate products, including real estate development, real estate joint ventures, off-plan sales, and brokerage services pertaining to the sale, purchase, or lease of real estate.

REGA shall have a legal personality and financial and administrative independence, and it shall report to the Minister. It shall be headquartered in the city of Riyadh and it may establish branches and offices within the Kingdom, as necessary.

REGA aims to regulate, supervise, and develop non-governmental real estate activities in order to promote their efficiency and encourage investment therein, in accordance with the objectives of economic and social development. To achieve its objectives, REGA shall have the necessary powers, particularly the following:
1. Proposing laws, regulations, and policies related to real estate activities and submitting the same to the relevant authority to take necessary action.
2. Setting the plans necessary to exercise its powers and supervising the implementation thereof.
3. Licensing and supervising real estate activities.
4. Setting standards for real estate activities.
5. Organizing real estate exhibitions in coordination with relevant entities.
6. Taking the measures necessary to determine a real estate area, or areas, in which implementation of the Law of Real Estate Registration commences, in accordance with relevant provisions.
7. Setting the criteria for determining the fees for real estate activity without prejudice to the rules of competition.
8. Encouraging investment in real estate activities and providing a proper environment for fair competition.
9. Coordinating with relevant agencies to ensure the integration of real estate infrastructures and the achievement of relevant national objectives, policies, and strategies.
10. Holding conferences, symposia, and meetings related to its activities in accordance with relevant regulations, and participating in international exhibitions in coordination with relevant agencies.
11. Raising awareness on real estate laws and activities.
12. Following up on the implementation of real estate agreements concluded between the Kingdom and other countries in coordination with relevant agencies.
13. Monitoring the real estate sector's indicators to ensure its stability and balance.
14. Providing the training and qualification required for those licensed to engage in real estate activities and those working in such activities.
15. Setting rules for regulating and monitoring all advertisements relating to real estate in coordination with relevant agencies.
16. Conducting studies, research, and statistics relating to the field of real estate activities.
17. Setting up an electronic portal which contains real estate databases using the data available at REGA or other relevant agencies, periodically updating it, and making it available to concerned parties.
18. Coordinating with the Ministry with regard to representing the Kingdom in relevant regional and international organizations and forums in accordance with applicable procedures.

1. REGA shall have a board of directors chaired by the Minister and comprising
the following members:
a) The Governor, member and vice-chairman.
b) A representative from the Ministry of Housing, member.
c) A representative from the Ministry of Justice, member.
d) A representative from the Ministry of Finance, member.
e) A representative from the Ministry of Commerce and Investment, member.
f) A representative from the Ministry of Energy, Industry, and Mineral
Resources, member.
g) A representative from the Ministry of Municipal and Rural Affairs, member.
h) A representative from the Ministry of Economy and Planning, member.
i) Three members from the private sector's entities whose activities are
related to REGA's activities, to be appointed pursuant to a resolution by
the Council of Ministers upon the recommendation of the Minister for a
term of three years, renewable once.
2. Representatives from government agencies shall be of a rank not lower than
grade "Fourteen" or its equivalent.

The Board shall be REGA's highest authority and shall oversee its management and the conduct of its affairs. It shall, subject to this Statute, take all the decisions and measures necessary to achieve REGA's objectives; it shall, in particular, assume the following powers and duties:
1. Supervising REGA's implementation of its duties.
2. Setting the policies required for REGA to achieve its objectives, approving the necessary plans and programs therefor, and supervising their implementation.
3. Issuing REGA's administrative and financial regulations, in agreement with the Ministry of Finance and the Ministry of Civil Service, as well as other regulations.
4. Establishing REGA's organizational structure and submitting it for approval, in accordance with applicable procedures
5. Approving the fees for licenses issued by REGA.
6. Approving the fees for the services rendered by REGA.
7. Approving the establishment of branches and offices for REGA within the Kingdom.
8. Approving the investment of REGA's funds in a manner that achieves its objectives, as well as the investment and leasing of real estate in accordance with applicable laws.
9. Approving REGA's draft budget, final accounts, auditor's report, and annual report, and submitting the same for approval, if needed, in accordance with applicable procedures.
10. Accepting gifts, aid, donations, grants, bequests, and endowments, in accordance with applicable laws.
11. Approving the conclusion of agreements, protocols, and contracts, and delegating the Governor to sign the same, in accordance with applicable procedures
12. Reviewing periodic reports on REGA's work progress and financial position.
13. Approving the rules for determining the remunerations of persons, other than REGA's personnel, assigned by the Board to carry out certain tasks or services for REGA.
14. Appointing an external auditor and a comptroller. The Board may delegate certain powers to its Chairman, Vice-Chairman, or a Board member.

1. Board meetings shall be held at REGA's headquarters upon a call by the Chairman, and may, when necessary, be held elsewhere in the Kingdom.
2. The Board shall periodically convene four times a year. The Board may hold extraordinary meetings upon a call by the Chairman or upon the request of at least three Board members.
3. Board meetings shall be deemed valid if attended by the majority of members including the Chairman or Vice-Chairman. Board decisions shall be passed by the majority vote of attending members. In case of a tie, the meeting chairman shall have the casting vote.
4. Board deliberations and decisions shall be recorded in minutes signed by the meeting chairman and attending members
5. A Board member may not abstain from voting nor vote by proxy. An objecting member may record his objection and the grounds therefor in the meeting minutes.
6. A Board member may not disclose any of REGA's confidential information he becomes privy to by virtue of his membership.
7. The Board may, at its discretion, invite specialists and consultants to attend its meetings in a non-voting capacity.
8. The Board shall have a secretary appointed by the Chairman from among REGA's personnel upon the Governor's recommendation to carry out secretarial duties, prepare for meetings, and record deliberations and decisions.

The Board may form standing or ad hoc committees from among its members or others to carry out certain tasks. The formation decision of each committee shall designate its chairman and members and determine its powers. A committee may seek the assistance of non-members to carry out tasks entrusted thereto.

REGA shall have a governor of a rank of "Grade Excellent" appointed pursuant to a Royal Order upon the recommendation of the Minister.

The Governor shall be in charge of REGA's management. His responsibilities shall be within the limits of this Statute and Board decisions. He shall, in particular, have the following powers and duties:
1. Supervising REGA's work progress and ensuring compliance with the approved regulations, plans, and programs.
2. Proposing general policies relating to REGA's activities as well as plans and programs necessary for their implementation and submitting the same to the Board.
3. Preparing REGA's draft annual budget and final accounts and submitting the same to the Board.
4. Approving licenses issued by REGA.
5. Representing REGA before government agencies, relevant institutions and organizations, and other entities within the Kingdom and abroad, as well as before the judiciary.
6. Disbursing from the approved budget and taking all financial measures in
accordance with applicable laws and regulations and the powers granted to him by the Board.
7. Preparing and reviewing reports on the implementation of REGA's plans and programs and submitting the same to the Board.
8. preparing the annual report on REGA's activities which shall include challenges encountered and recommendations to overcome such challenges and submitting it to the competent authorities after being approved by the Board.
9. Concluding agreements, protocols, and contracts upon the Board's approval in accordance with applicable procedures.
10. Supervising REGA's participation in relevant local, regional, and international conferences, symposia, meetings, and exhibitions.
11. Issuing the decisions necessary for the implementation of the provisions of this Statute and relevant regulations as well as the approved rules and procedures in accordance with the powers granted to him.
12. Forming internal committees (standing or ad hoc) in accordance with the regulations and procedures approved by REGA.
13. Seeking the assistance of experts and consultants with relevant expertise as needed by REGA.
The Governor may delegate any of his powers to any of REGA's personnel.

1. Comprehensive service centers shall, upon the approval of the Board, be established at REGA's headquarters and branches as necessary.

2. Governmental and non-governmental entities requiring representation in the comprehensive centers shall designate representatives to work at such centers and grant them the powers necessary to ensure the efficient delivery of services, including the issuance of certificates, permits, and licenses for activities falling within their jurisdictions.

1. REGA's financial resources shall be as follows:
a) Allocations in the State budget.
b) License fees.
c) Fees for services rendered to third parties within its jurisdiction, in accordance with the regulations and decisions approved by the Board.
d) Revenues from the investment of its assets and funds.
e) Gifts, aid, donations, grants, bequests, and endowments accepted by the Board
f) Any other resource approved by the Board.
2. REGA's funds shall be deposited in an account opened with the Saudi Arabian Monetary Authority. REGA may, when necessary, open accounts with banks licensed to operate in the Kingdom. Disbursement from such funds shall be made in accordance with REGA's approved budget.
3. Without prejudice to endowers conditions relating to endowments, surplus funds shall be returned to the State Public Treasury at the end of the fiscal year and be deposited in the Ministry of Finance's current account after deducting all REGA's current expenses, capital expenses, other expenses, and the funds necessary to finance REGA's future projects that are approved in its annual budget as well as the funds needed to fulfill its legal obligations.

REGA's imports shall be exempted from customs duties in accordance with the rules applicable to the imports of public entities.

1. REGA shall have an independent annual budget issued in accordance with the issuance procedures of the State budget.

2. REGA's fiscal year shall be the same as the State's fiscal year. As an exception, REGA's first fiscal year shall commence on the date this Statute enters into force and end on the date the State's following fiscal year ends.

Without prejudice to the jurisdiction of the General Court of Audit, the Board shall appoint and determine the fees of one or more external auditors licensed to practice in the Kingdom to audit its accounts, transactions, statements, annual budget, and final account. The auditor's report shall be submitted to the Board, and the General Court of Audit shall be provided with a copy thereof.

This Statute shall be published in the Official Gazette and shall enter into force on the date of its publication. It shall repeal any provisions conflicting therewith.