Saudi Arabia: Value of unlicensed real estate ventures
According to Al-Riyadh newspaper, a number of real estate investors required to commission the Saudi Stock Exchange Authority with regulating the local real estate market. The specialists added that such a step would enhance transperancy and supervision in the Saudi real estate market.
Mr. Salman Bin Saidan, Director General of the Mohammed Bin Saidan Real Estate Group of Companies, estimates at SR 33 billion the volume of the unlicensed real estate ventures in Saudi Arabia. This market value exceeds by three folds the market value of the licensed and declared real estate ventures in the Kingdom, Mr. Saidan added.