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.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Headquarters
Office Deputy Governor for Supervision
Ref. No.: 71844/99 Date: 03/12/1440 AH Attachments: None
Circular
Dear Sirs, Peace, mercy, and blessings of God be upon you,
Subject: Regarding the Approval of the Property Document Issued by the Economic Cities Authority
Further to the Authority's Circular No. 53148/M/A dated 06/12/1433 AH addressed to banks operating in the Kingdom, and Circular No. 3610001100001 dated 13/08/1436 AH addressed to mortgage financing companies operating in the Kingdom, both of which stipulate the "approval of the property document issued by the Economic Cities Authority",
Accordingly, the Authority wishes to confirm to banks and mortgage financing companies operating in the Kingdom that the property document issued by the Economic Cities Authority for any property or land owner within the Economic Cities must be approved as an official approved ownership document, serving in place of the approved ownership deed outside the Economic Cities.
For your information and compliance.
Yours sincerely,
(Signature) Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope
- Banks and financial institutions operating in the Kingdom.
- Mortgage financing companies operating in the Kingdom.
P.O. Box 2992, Riyadh 11169, Tel: 4662300 - Fax: 4662543