The Lands Department supports the Group’s portfolio of real estate assets in Saudi Arabia and some external sites.
The department creates transparent record-keeping systems and acts as government liaison. It also obtains permits and approvals, and ensures property documentation is kept current.
A digitalization initiative was completed in 2018 and the department moved to paperless record keeping by implementing a Real Estate Information System (REIS). This initiative streamlined operations, improving transparency and enhancing operational agility.
The team continued delivering analysis, insight and regulatory knowledge to inform market forecasts. Physical inspections of land assets were carried out to protect against encroachment losses. Records on white land charges accruing to the government were updated and settled.
In 2019, the Lands department will continue following technology-driven efficiencies in collaboration with SEDCO Holding’s IT department.
Close to the year-end, a decision was announced to form the Real Estate division under the leadership of new Chief Real Estate Officer and SEDCO Development CEO, Eng. Zuhair Hamzah. This is the first step towards consolidating all real estate activities into one coherent business.