font size The General Real Estate Authority and the Saudi Facilities Management Company signed a memorandum of understanding to enhance cooperation in developing real estate facilities management standards, and to study the establishment of a coordination council among the relevant authorities to govern and regulate the real estate facilities sector and develop the necessary standards for it. The authority said in a statement that the memorandum of understanding also aims to enhance cooperation in the field of necessary studies on the local market, monitor challenges and investment opportunities to develop and advance the real estate facilities sector, and cooperate to develop and qualify practitioners of the real estate facilities management activity (individuals, establishments), in accordance with international practices. She added that it aims to enhance cooperation in building a proposed model for the facility licensing journey to practice facilities management activity in accordance with best practices in this field to enhance the efficiency of the services provided and improve the local market in order to achieve the principle of facility sustainability and enhance the quality of life and develop digital solutions to raise the quality of services provided in the real estate facilities management sector. In the Kingdom. The memorandum of understanding was signed in the presence of the Authority’s CEO, Engineer Abdullah bin Saud Al-Hammad, and the CEO of the Saudi company, Engineer Adel bin Ibrahim Al-Ruwaishidi, and during the General Real Estate Authority’s participation in the “MIFMA CONFEX” 2023 conference and exhibition, which is organized by the Middle East Facilities Management Association (MIFMA) under the slogan Facilities Management in the Digital Age - Towards Adopting a Smart Future,” in the city of Riyadh. By signing this memorandum, the General Real Estate Authority seeks to regulate real estate activity, raise its efficiency, encourage investment in it, and provide supportive support to its partners to advance the real estate sector in accordance with the goals of economic and social development, the goals of the real estate strategy, and Vision 2030.