Saudi Arabia mulls new rules to regulate real estate refinance firms
Sama clarified that the rules aim to ensure stability and growth of the real estate secondary market
The Saudi Central Bank (Sama) has sought public opinion ahead of framing new rules for regulating the business of real estate refinance companies.
In this regard, it has invited 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, reported SPA.
Sama clarified that the rules aim to ensure stability and growth of the real estate secondary market and to provide better ways for real estate finance entities to finance the beneficiaries in order for them to own houses.
In addition, supporting and enabling real estate finance entities, in particular, has led to the emergence of Real Estate Refinance Company, and to the development of the real estate sector.
The issuance of these rules comes in continuation of Sama's efforts to develop the financial sector and to keep abreast with developments of the financing industry in general.
Also, it will be playing the role of mediator between the real estate finance sector and other sources of financing, it added.