Saudi Arabia New rules to regulate the business of real estate refinancing companies

The Central Bank of Saudi Arabia has announced the launch of the draft rules for regulating the work of real estate refinancing companies, inviting the public, interested parties and specialists – in order to strengthen the principle of transparency and participation – to express their opinion and observations on the project, through the “Estisalah” platform of the National Competitiveness Center.

The Central Bank said, in a statement today, Sunday, that the issuance of these rules stems from the bank’s continued efforts to develop the financial sector and to keep pace with developments in the financial sector in general and to continue to support and strengthen real estate finance agency activities in in particular, which led to the granting of the license for the “real estate refinancing” company as well as the significant development of the real estate finance sector.

And the Central Bank has indicated that these rules aim to achieve growth and stability in the secondary real estate finance market and to provide real estate lenders with better ways to finance the home ownership of beneficiaries and to play the role of mediator between the real estate finance sector and other sources of funding.

The Central Bank has specified that the opinions and the observations on the draft of the “rules for the organization of the work of the real estate refinancing companies” will be received within (30) days.

He continued, “All observations and observations will be studied, in order to adopt the final version of these rules. The draft can be viewed by visiting the” Estisalah “platform of the National Competitiveness Center.”

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