23 Hrs
Source:
الاقتصادية
Saudi Arabia approves five real estate deals worth 459M riyals
The General Authority for Real Estate in Saudi Arabia has issued licenses for five real estate contributions with a total value of up to 459 million riyals, aiming to regulate the real estate contribution market, improve transparency, and protect investors' rights. Since the implementation of the new system, the first residential project in Riyadh has been closed with an investment value of 84 million riyals, and the offering was fully covered within 12 minutes, reflecting the confidence of the Saudi real estate market. The new system requires a feasibility study to be submitted, involvement of key parties such as the engineering consultant and the legal accountant, and prohibits raising funds from individuals except through a specialized financial company. Additionally, licenses must be issued by the authority before collecting funds, ownership of the property must be secured through a valid legal deed, and the duration of the contribution is limited to no more than three years to enhance transparency and reduce risks.
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