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The Direct Investment Promotion Authority is considering establishing a unified real estate window unit, which would provide all services related to its real estate to investors.
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The authority plans to establish or contribute to the capital of specialized firms to create or manage business incubators for projects aligned with its objectives. These lands will be managed through developers and operators to maximize their potential benefits.
Sources familiar with the matter disclosed that the Direct Investment Promotion Authority is readying the executive regulations. These will encompass the principles, guidelines, procedures, and criteria for allocating the authority’s lands to investors, with proposals being reviewed by specialized firms.
The sources indicated that the authority is considering establishing a unified real estate window unit, which would provide all services related to its real estate to investors. This move aims to facilitate the business environment and attract more investments.
They added that the authority plans to establish or contribute to the capital of specialized companies to create or manage business incubators for projects aligned with its objectives. These lands will be managed through developers and operators to maximize their potential benefits.
Private practice
A private practice is expected to be proposed to one of the specialized companies to accomplish the following tasks:
- Drafting executive regulations that encompass the principles, rules, mechanisms, and controls for establishing, allocating, distributing, and granting usufruct rights to the authority’s lands, areas, vouchers, real estate, and regulations governing business conduct.
- Internal regulations and guidelines for the authority’s lands, areas, land parcels, and real estate.
- The mechanism detailing how investors registered with the authority can benefit from the usufruct rights in the authority’s lands.
- Mechanisms and controls for establishing or contributing to the capital of specialized companies to create or manage business incubators for projects aligned with the authority’s objectives.
- The roles of developers, operators, and investors in land projects allocated to the authority.
- The necessity of a unified real estate window unit and the regulations required for its establishment.
- The special mechanism for real estate registration.
- Mechanisms for engineering units to approve technical specifications.
- Procedures for issuing licenses to developers, operators, and investors (reception, conditions, required studies for application, license duration, cancellation, and waiver).
- Qualifications for developers, operators, and investors.
- Usufruct contracts.
- Rights and obligations of developers, operators, and investors.
- The rights and obligations of the authority.
- Violations and penalties (monitoring and inspection – inspection rights, application of performance standards, and quality control) (list of violations, penalties, and punishments).
- Mechanisms and controls for the Dispute Resolution Committee (formation decision, members, powers, rules, and procedures).
