Doha, Qatar: Chairman of the Real Estate Regulatory Authority Eng. Khalid Ahmed Saleh Al Obaidli has said the authority will soon launch several initiatives in collaboration with relevant entities to boost the real estate sector in addition to plans to enhance the legislative framework, emphasising the authority’s commitment to being a catalyst and partner for the private sector.
He noted that the state has implemented mega projects within a short time frame to host international events such as the FIFA World Cup Qatar 2022, affirming that this has helped accelerate the real estate boom in the state.
“One of the most important initiatives to be launched soon is the adoption of international real estate specifications that are commonly used in the leading countries in the real estate sector,” he added.
Speaking at a meeting organised by the Qatar Chamber (QC) recently in the presence of QC Chairman Sheikh Khalifa bin Jassim Al Thani, and First Vice-Chairman Mohamed bin Twar Al Kuwari, Al Obaidli emphasised the authority’s keenness to learn about challenges facing businessmen and investors in the sector. Regarding the most prominent upcoming projects, Al Obaidli said the authority would soon launch a number of initiatives with various stakeholders and develop the legislative structure, highlighting its commitment to serving as a motivator and partner for the private sector in this regard.
It would also enact soon the Real Estate Development Regulation Law, addressing various challenges. Further, he indicated the Authority would establish a digital platform containing all authenticated information about the state’s real estate market, and it would activate the real estate dispute resolution committees.
Eng. Al Obaidli elaborated that the authority aims to organise and stimulate the real estate sector, foster private sector growth, remove obstacles, and streamline procedures. Further, it aims to activate legislation and laws that contribute to the advancement of the real estate sector. It also works to collect business owners’ viewpoints, study them, and address the relevant authorities to find appropriate solutions. He said the authority aims to stimulate and regulate the real estate sector, ensuring compatibility of laws and legislation with the market, attracting foreign investments, and issuing licenses for real estate developers.
In response to questions by the businessmen, Eng. Al Obaidli said discussions were underway with real estate developers to reconsider service fees. Additionally, he emphasised that the authority prioritises attracting foreign investments as well as domestic investments from both citizens and residents by offering them special benefits.
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.
“The authority is currently preparing to organise the second edition of the real estate conference in October which will be held annually to promote the sector.
He said several field tours will be organised to showcase investment opportunities in new cities.
He also emphasised the significance of promoting investment opportunities available in Qatar’s real estate sector to international markets.
In his remarks, Sheikh Khalifa bin Jassim said the Qatari real estate sector has witnessed significant development in recent years, attributed to leading legislation and the state’s substantial investments in infrastructure projects. He emphasised that this has led to an increased contribution of this vital sector to the national economy.
Sheikh Khalifa also noted that projects being implemented by the state under the Qatar National Vision 2030 provide additional opportunities for the development of the real estate market in the country with genuine participation from the private sector.
He pointed out that the real estate sector is currently facing many challenges that require combined efforts to resolve. In his remarks, Mohamed bin Twar emphasised the significance of the real estate sector as one of the most important economic sectors.
Abdulrahman bin Abduljaleel Al Abdulghani, board member and Chairman of the Real Estate Committee, stressed the committee’s interest to foster collaboration with the authority and all entities concerned to address all challenges and streamline investments and businesses in the sector.
He affirmed that the committee would follow up on the outcomes of this meeting as part of its role to enhance collaboration with real estate companies, and understand the most important challenges they face, stressing that it acts as a linkage between the government and the private sector.
Also present at the meeting were several QC board members along with numerous members of the Real Estate Committee, the Acting General Manager, and a number of Qatari businessmen.
