🚀 Elm Company and National Real Estate Registration Services Join Forces: A Game-Changer for Saudi Arabia's Real Estate

🤝 Elm Company and National Real Estate Registration Services: A Powerful Alliance 

In a significant development for Saudi Arabia's real estate sector, Elm Company and National Real Estate Registration Services Company (Real Estate Registry - RER) have inked a contract worth SAR 56.83 million ($15.14 million) on 18 June. The two entities will collaborate to develop and operate a real estate registry platform, marking a new era in the country's real estate landscape.

⏳ A Long-Term Commitment 

This development agreement holds a duration period of 51 months, indicating a long-term commitment from both parties. This extended timeframe allows for the thorough development and refinement of the real estate registry platform, ensuring it meets the highest standards and serves the needs of all stakeholders.

💰 A Positive Impact on Elm's Income Statements 

Elm forecasts that this deal will reflect positively on its income statements during the second quarter (Q2) of 2023. This suggests that the partnership is not just a strategic move for the development of the real estate sector, but also a financially beneficial one for Elm.

🏦 The Role of the Saudi Public Investment Fund (PIF) 

The Real Estate Registry is owned by the Saudi Public Investment Fund (PIF), which manages real estate registration and undertakes title registration activities. This involvement of the PIF underscores the importance of this initiative at a national level.

📈 Elm's Impressive Financial Performance 

As of 31 March 2023, Elm recorded net profits after Zakat and tax valued at SAR 322 million ($85.86 million), marking an annual increase of 28.80% from SAR 250 million ($66.66 million). Revenues surged by 17.95% to SAR 1.28 billion ($341.33 million) in Q1-23 from SAR 1.09 billion ($290.66 million) in Q1-22, while the earnings per share (EPS) grew to SAR 4.15 from SAR 3.17.

🎯 Partner with PHOREE Real Estate 

As the Saudi Arabian real estate market continues to evolve and grow, partnering with a trusted and experienced real estate broker is crucial. PHOREE Real Estate, with its American Management and experienced Wealth Management Team with 40 years of experience in the United States of America, is your ideal partner.

Our expertise spans across wealth management, real estate, and other asset classes, making us the No. 1 Broker in the region. We understand the market trends, we know the best investment opportunities, and we are committed to helping our clients achieve their investment goals.

In conclusion, the partnership between Elm Company and National Real Estate Registration Services marks a significant milestone in Saudi Arabia's real estate sector. With PHOREE Real Estate by your side, you can navigate this burgeoning market with confidence and make the most of your investments. So why wait? Partner with PHOREE Real Estate today and let us guide you to your dream property in Saudi Arabia!