1 Day
Source:
الاقتصادية
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Saudi Arabia approves 459M riyal real estate investments
The General Authority for Real Estate in Saudi Arabia has issued licenses to five real estate contributions with a total value of up to 459 million riyals, under its new system for regulating real estate contributions. The system aims to enhance transparency, protect investors' rights, and address previous issues related to defaults and fraud, through conditions that include feasibility studies, licensing of participating entities, and the necessity of a specialized financial company to raise funds with a maximum of 100 million riyals. In January, the first offering of a real estate contribution under the new system was completed in just 12 minutes, valued at 36 million riyals. This reflects the confidence of the Saudi real estate market and strengthens tools for real estate financing and development.
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