Saudi Arabian cabinet has given approval for converting the State Property Department into a general authority, which will be named General Real Estate Authority, said a report.

This move will help enhance the efficiency of the kingdom’s assets management, reported Argaam citing Yarob Al Thunayan, the undersecretary of the Ministry of Finance for Communication and Information.

"The independence of the general real estate authority will give the entity more room for business development. Accordingly, it will directly or indirectly set up many new firms," stated Al Thunayan.
 
The authority will also work closely with the private sector to develop the state’s assets, said the top official.
 
The new entity would be in charge of the state properties and would define the best investment opportunities, lay out policies and develop a related data base, in line with Saudi Vision 2030, he added.