Ministry launches Saudi Real Estate Institute
The organisation will offer certifications and licenses authorised and approved by the Ministry of Housing, and partners such as TVTC, BIFM, and IE Business School
The kingdom's Ministry of Housing has reportedly inaugurated Saudi Real Estate Institute (SREI).
Saudi daily Al Eqtisadiah reported that SREI was launched at a ceremony attended by the country's Housing Minister, Majed bin Abdullah Al Hogail, as well as Mohammed bin Faisal bin Muammar, SREI's general supervisor.
SREI is one of the initiatives launched by the Ministry of Housing, within the National Transformation Plan 2020, with cooperation from local and international partners, as well as real estate consulting firms.
According to its website, SREI will offer services such as "raising the educational level and qualifying the Saudi real estate market workforce; understanding the regulations and legislation of the Saudi real estate market; [and] developing and regulating the Saudi real estate market".
The organisation will also offer professional certifications and licenses authorised and approved by the Ministry of Housing and academic partners.
SREI's website currently lists courses aimed at owners' association management, facility management, off-sales, and building inspection professionals.
Meanwhile, SREI's partners include national government authorities – such as Technical and Vocational Training Corporation (TVTC), Small & Medium Enterprises General Authority, Job Creation Commission, and Job Creation Commission – as well as academic bodies, including the University of Cambridge's Institute for Sustainability Leadership (CISL), IE Business School, and National University of Singapore's School of Design and Environment.
TVTC was formerly known as General Organization for Technical and Vocational Training, according to Saudi Arabian General Investment Authority's website.
Community Associations Institute (CAI), British Institute of Facilities Management (BIFM), InterNATCHI, and LinkedIn are also listed as SREI's partners.
Speaking at SREI's launch event, Al Hogail said that SREI will improve the Saudi real estate sector's performance to match international standards, in line with the kingdom's environment and culture, Al Eqtisadiah reported.