Doha: The Real Estate Regulatory Authority - Aqarat (RERA) signed a Memorandum of Understanding (MoU) on Thursday with the Investment Promotion Agency Qatar (Invest Qatar), establishing a three-year strategic partnership between the two entities. RERA also signed separate MoUs with Ahli Bank and Dukhan Bank, as part of efforts to accredit a number of banks for activating escrow accounts for off-plan real estate development projects, in order to safeguard the rights of stakeholders.
According to Qatar News Agency, in a press conference held this evening, Chairperson of the Real Estate Regulatory Authority, Eng. Khalid bin Ahmed Al Obaidli, stated that these partnerships mark an important step towards realizing the Authority's vision to regulate and empower the real estate sector. He added that they are working with their partners to build an integrated system that supports sustainable investment and aligns with global developments, serving the national economy and contributing to the realization of Qatar National Vision 2030.
He emphasized that these agreements are not merely signatures on paper but a clear invitation to global investors to be part of shaping a promising future full of high-quality opportunities. He stated that, through these joint initiatives, they aim to establish a comprehensive promotional system that highlights the competitive advantages of Qatar's real estate sector and facilitates investors' access to strategic opportunities.
Al Obaidli also affirmed that Qatar offers numerous incentives to investors, including full property ownership rights in designated areas, tax exemptions, streamlined administrative procedures, and access to a transparent and secure real estate market regulated in accordance with the highest international standards - creating an environment conducive to growth and prosperity. He highlighted the Authority's central role in clarifying the competitive advantages of Qatar's real estate sector by strengthening the legislative and regulatory framework, raising governance standards, and increasing transparency and credibility.
For his part, CEO of Invest Qatar, Sheikh Ali Alwaleed Al Thani, expressed his satisfaction with strengthening the partnership with RERA, by saying that they are pleased to enhance collaboration to promote Qatar's dynamic and business-friendly environment, highlight promising opportunities, and showcase the sector's competitive advantages for investors. This also reinforces Qatar's position as one of the world's top destinations for living, working, and doing business.
This collaboration is a key step in supporting the national real estate promotion strategy, given that the real estate sector is a cornerstone of Qatar's economic diversification, in line with the third national development strategy. During the press conference, Director of Marketing and Communications at Invest Qatar, Jassim Mohammed Al Naama, presented an overview of the partnership's key objectives, which include stimulating sector growth, enhancing regulatory frameworks, boosting investor confidence, facilitating market access, promoting real estate investment opportunities, and supporting economic diversification.
On this occasion, CEO of Ahli Bank, Hassan Ahmed Al Efrangi, said that the bank is proud to be one of the first financial institutions to sign the MoU with RERA, reaffirming its commitment to supporting Qatar's economic progress. Similarly, Acting Group CEO of Dukhan Bank, Ahmed Hashem, stated that the launch of their real estate development escrow account affirms Dukhan Bank's leadership in adopting financial solutions that benefit both society and the real estate market.
RERA oversees the regulation and development of the real estate sector to ensure its transparency and prosperity, in coordination with relevant entities. At the end of April, the Authority announced the implementation of Law No. (6) of 2014 on the Regulation of Real Estate Sector in the State of Qatar, as part of its efforts to develop the sector and enhance the investment environment in line with Qatar National Vision 2030. At that time, it also signed MoUs with GMG Holdings Group and Commercial Bank, in support of strengthening public-private partnerships and developing the real estate investment environment.