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Shura Council Approves Real Estate Brokerage Law

Saudi Arabia’s higher authorities have approved making three new amendments in the Anti-Bribery. The competent authorities and heads of the concerned departments and agencies have been notified about the amendments with copies of the amended text being distributed to them.

The amendments cover using the phrase “every person” instead of the phrase “every public employee.” It also included what was stated in paragraph 7of Article 8, as follows: “Foreign public officials and employees of international institutions and organizations in connection with the conduct of international business.”

There was also an amendment in Article 15, as follows: “Judgment shall be issued in the case of a person, who has been proven guilty of the crime of bribery, to confiscate the money, advantage or benefit that involved in the crime whenever possible, or confiscate its value, as the case may be, and confiscate any proceeds from the money or advantage or benefit.”

Saudi Arabia’s Shura Council approved the real estate brokerage draft law, SPA reported.
The Council calls for real estate brokers and service providers to legalize their status when the law comes into effect, according to its provisions within 180 days from its application.
According to the real estate brokerage law, the Real Estate General Authority (REGA) will exercise its authorities pursuant to Article (6) in coordination with the Ministry of Finance and Non-Oil Revenues Development Center.

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