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New institute to organize Saudi real estate market

Saudi Arabia, June 6, 2018

More than 40 percent of real estate offices were run by expatriate workers before the correction process launched by the Interior Ministry and Labor & Social Development Ministry, said Abdulhadi Al-Qahtani, a member of the Saudi Real Estate Institute.

“As a result of this government campaign thousands of illegal workers were arrested as they were controlling the market illegally. They were the reason for increasing prices of real estate property and housing units in the country,” he told a seminar in Dhahran.

Fouzi Al-Oyouni, executive director of the institute, a large number of businessmen and members of the real estate committee at Asharqia Chamber attended the seminar at Movenpick Hotel on Sunday.

Al-Qahtani said Housing Minister Majed Al-Hoqail has approved the chairman and members of the institute, which was formed to organize the Kingdom’s real estate market and develop capabilities of young Saudi men and women to play a significant role in the market.

“The institute has been receiving the care and support of relevant departments and organizations in order to play an important role in strengthening the economy and making substantial contributions to the gross domestic product,” Al-Qahtani said.

The institute, which was established last October under the General Real Estate Authority, conducts intensive courses that would last one day to three weeks, said Al-Oyouni, adding that it provides leadership and professional training courses to participants.

The professional certificates issued by the institutes are approved by the General Real Estate Authority. The institute provides various consultancy services.

“Our certificates qualify people to work as real estate intermediaries and marketing and sales persons,” Al-Oyouni told Al-Riyadh Arabic daily. “They are also qualified to inspect construction of residential buildings to find out mistakes,” he added.

During the past six months 1,200 trainees have joined the institute and 1,000 of them have obtained professional certificates. “Our objective is to train more than 40,000 professionals by 2023,” Al-Oyouni said, adding that the institute’s mission supports the national transformation program.

The institute has gone through different phases such as forging of partnership with specialized institutions, formation of training courses, expansion to other regions, giving training to workers of companies and establishments and meeting requirements of the housing sector.

“We also intend to establish a network of training centers and implement higher diploma, bachelor and master degree programs in real estate science in cooperation with national and international universities and colleges of technology. We also want to transform the institute into a research and consultancy center,” the executive director explained.