Doha, October 12 (QNA) - Real Estate Regulatory Authority (Aqarat) and Saudi Arabia's Real Estate General Authority (REGA) signed a memorandum of understanding (MoU) on Sunday aimed at enhancing cooperation in legislative and technological fields, as well as aligning national efforts to advance the real estate sector in both countries.

The MoU was signed in the presence of HE Minister of Municipality Abdullah bin Hamad bin Abdullah Al Attiyah and HE Minister of Municipalities and Housing of Saudi Arabia, Majid bin Abdullah Al Hogail. 

The signatories were Aqarat Chairman Eng. Khalid bin Ahmed Al Obaidli and CEO of REGA Eng. Abdullah bin Saud Al Hammad.

The MoU was signed on the sidelines of the 3rd Qatar Real Estate Forum, currently taking place at the Doha Exhibition and Convention Center under the theme "Aqarat's Future."

The MoU outlines cooperation in exchanging expertise and best practices in regulation, legislation, and urban planning, as well as developing technological frameworks to support digital transformation in the real estate market.

It also includes coordination at international forums related to the sector.

The signing marks a highlight of Saudi Arabia's participation as guest of honor at this year's forum and an acknowledgment of the close fraternal ties between the two Gulf nations and a step toward strengthening regional collaboration in vital sectors. 

The real estate industry, in particular, is undergoing transformative shifts toward sustainability, digitization, and regional integration.

The signing marks a highlight of Saudi Arabia's participation as guest of honor at this year's forum, underscores the close ties between the two nations, and highlights growing Gulf cooperation in developing key sectors, particularly real estate, which is undergoing major shifts toward sustainability, digitization, and regional integration. (QNA)