The Minister of Justice Walid bin Mohammed Al-Samaani and the minister of housing and chairman of the Real Estate General Authority, Majed bin Abdullah Al-Hogail officially opened the Saudi Real Estate Arbitration Centre on Thursday.
The center is electronically linked to the reconciliation center in the Ministry of Justice, thus establishing the Saudi Real Estate Arbitration Center as an authorized reconciliation center. The centre will also be linked to Ejar, the rental services e-network, and Etihad Mullak, the landlords’ union.
The link will provide access to the beneficiaries of both Ejar and Etihad Mullak to ensure the validity of their data as well as including the arbitration clause in the contracts in accordance with the center’s approved regulations.
The governor of the Real Estate General Authority, Essam bin Hamad Al-Mubarak, said that the Saudi Real Estate Arbitration Center would help in reducing disputes between various real estate sector parties.
He said the centre aimed to reduce the time for settling disputes by following a professional approach and also through its simple and flexible electronic procedures.
Reconciliation and arbitration records will be issued electronically by specialized arbitrators, who have been certified by the Saudi Real Estate Institute.
The center also aims to make beneficiaries aware of their rights and duties and to increase the appeal of the real estate sector.
Established in 2017, the Real Estate General Authority is a Saudi government agency, which regulates rules, stimulates investment and provides consumer protection in the real estate industry in Saudi Arabia. The authority is also in charge of enhancing market transparency through publishing real estate market indicators.
Source:
