Regulatory Alerts2019-08-04
Approval of the Property Document Issued by the Economic Cities Authority
The Saudi Arabian Monetary Authority mandates that all banks and mortgage financing companies operating in the Kingdom must officially approve and accept the property document issued by the Economic Cities Authority as a valid ownership title for any property or land located within Economic Cities. This directive supersedes previous circulars and establishes the Economic Cities Authority document as the official equivalent to the standard ownership deed used outside these designated zones. Financial institutions are required to immediately update their compliance procedures to recognize this document for all property-related transactions and financing applications.
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