Views in the Saudi real estate sector are divided regarding the government's intention to let the Capital Market Authority to play a role in organizing the local property market, which its value at the beginning of the current year hit 1 trillion Saudi Riyals ($266 billion), reported Al-Sharq al-Awsat newspaper (May 1, 2005).
The government's decision to share the Capital Market Authority in organizing the real estate market came after several firms had not kept their promises regarding the dates in which they would completetheir projects, causing the market to lose its credibility by freezing the shareholders' capital and not finishing projects on time.
Several players in the Saudi real estate sector said that they are afraid that the entry of the Capital Market Authority to this sphere will lead the market into a whirlpool between the Authority and the Ministry of Industry and Commerce, which operates on the behalf of this sector at present.
