During a meeting hosted by the Asharqia Chamber
Bafaqih: The private sector is a strategic partner and we seek to transform the real estate stock into development opportunities
His Excellency the Governor of the General Authority for State Real Estate, Ihsan bin Abbas Bafaqih, confirmed that the private sector is a strategic partner in achieving the goals of the Authority, pointing to the authority's keenness to use state real estate optimally and raise its productive and economic efficiency through several paths, including transferring the real estate stock to economic and development opportunities.
Bafaqih said that the authority plays two main roles, the regulatory role, and the executive role, as it defines and enforces an integrated and transparent regulatory framework for state real estate, optimizes the use of state real estate, and guides rental and expropriation expenses for government agencies with the application of energy efficiency standards, and the application of the minimum specifications and standards in real estate Governmental entities.
Bafaqih added that the authority has 5 strategic directions to achieve development and economic return from its work, which are: "Developing solutions for regulations, legislation and regulation of state real estate, using state property in the development, raising the level of efficiency of state real estate, re-provision, planning and use of state real estate, and financial solutions with an added value for the center state finances.
The Chairman of the Asharqia Chamber, Badr bin Suleiman Al-Raziza, had noted during the meeting the rational government's interest in diversifying the national economy as one of the most important goals of the 2030 vision; Which represented a new starting point in developing the national economy and achieving its sustainability. So it proceeded to activate the roles of all sectors and bodies, including the state-owned real estate sector, by reformulating it and working to increase its contribution to raising the efficiency of government spending. An independent body with a legal personality, organizationally linked to the Council of Ministers, and it is witnessing a rapid progression towards its accession to the total national income streams; The transformation into a body gave it the full opportunity to develop its systems and means, just like the economies of developed countries.