The Saudi Central Bank “SAMA” announces releasing public consultation on Rules for regulating the business of real estate refinance companies. The issuance of these rules continues SAMA’s efforts to develop the financial sector and keep abreast with developments of the financing industry in general. In addition, supporting and enabling real estate finance entities, in particular, has led to the emergence of the Real Estate Refinance Company and to the development of the real estate sector.
SAMA clarified that the rules aim to ensure stability and growth of the real estate secondary market and provide better ways for real estate finance entities to finance the beneficiaries to own houses. Also, playing the role of mediator between the real estate finance sector and other sources of financing.
In this regard, SAMA invites the public, specialists, and interested individuals to provide their views and observations on the rules within (30) days, noting that all views and observations will be under consideration for adopting the final version of these rules. This draft can be reached by visiting the Public Consultation Platform affiliated with the National Competitiveness Center (link).